Effective date for 143(3) post amendment 2008
This query is : Open
08 March 2010
Hi..
As per the current provision as amended by Finance Act 2008, notice u/s 143(3) can be served with in 6 months from the end of the financial year.
Prior to amendment, the time limit was 12 months from the end of the month in which return was filled.
An assessee has filed return in July 2007. Accordingly Finance Act 2007, the provision of 143(3) was 12 months limit. Post Budget 2008, the revised limit is 6 months from the end of the FY.
The question is;
Can AO issue notice after 31.07.2008 for AY 07-08?? Or the limit to issue notice AY 07-08 will also be 30.09.2008 (i.e. 6 months from the end of FY)
As per the current provision as amended by Finance Act 2008, notice u/s 143(3) can be served with in 6 months from the end of the financial year.
Prior to amendment, the time limit was 12 months from the end of the month in which return was filled.
An assessee has filed return in July 2007. Accordingly Finance Act 2007, the provision of 143(3) was 12 months limit. Post Budget 2008, the revised limit is 6 months from the end of the FY.
The question is;
Can AO issue notice after 31.07.2008 for AY 07-08?? Or the limit to issue notice AY 07-08 will also be 30.09.2008 (i.e. 6 months from the end of FY)
08 March 2010
30.09.2008
11 March 2010
Hi Aditya, Thanks for the prompt reply!
In the case mentioned, is the amendment is applicable for AY 08-09 onwards or the notices issued w.e.f. 01.04.08?
Since the Finance Act 2008 is silent about the same rather the act says the same will be in effect from 01.04.08. Does this really mean the notices issued after 01.04.08 (irrespective of the AY)or one can interpret in way for the notices issued for AY 2008-09 onwards?
If there is any judgement on the same, kindly inform me about the same!
In the case mentioned, is the amendment is applicable for AY 08-09 onwards or the notices issued w.e.f. 01.04.08?
Since the Finance Act 2008 is silent about the same rather the act says the same will be in effect from 01.04.08. Does this really mean the notices issued after 01.04.08 (irrespective of the AY)or one can interpret in way for the notices issued for AY 2008-09 onwards?
If there is any judgement on the same, kindly inform me about the same!
11 March 2010
It is with respect to notice issued after 01.04.2008. That is why notice could have been issued till 30.09.2008.
Since the matter is very recent there are presently no judgements on it. However everyone who has received notice till that date has accepted it.
Since the matter is very recent there are presently no judgements on it. However everyone who has received notice till that date has accepted it.
12 March 2010
Thanks mate...
12 March 2010
you are welcome
12 March 2010
Just to deviate from what you said Aditya, As an assessee I would prefer saying the dept that since the amendment is w.e.f 1st April 2008, one can argue for the AY 08-09 and thereafter.
Also if I am not wrong the assessment should be made according to the provision as existed at the time of the period to which it relates (unless the amendment is retrospective - which is not the situation in the present case)?
U still hold the same view i.e. the notice served after Aug 2008 and before Sept 2008 is valid!!
Also if I am not wrong the assessment should be made according to the provision as existed at the time of the period to which it relates (unless the amendment is retrospective - which is not the situation in the present case)?
U still hold the same view i.e. the notice served after Aug 2008 and before Sept 2008 is valid!!
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