Section 142(1)

This query is : Resolved

Bhagwant Singh Gehlot (Querist)
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11 August 2010 Can ITO on the basis of notice under section 142(1) call the details of personal assests like house property acquired during the year.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 August 2010 yes he can do so.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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11 August 2010 u/s 142(1) the Assessing Oficer may ask for the following.

i) Where such person has not made a return within the time allowed under sub-section (1) of section 139, to furnish a return of his income or the income of any other person in respect of which he is assessable under this Act, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed,

(ii) To produce, or cause to be produced, such accounts or documents as the Assessing Officer may require, or

(iii) 1484b to furnish in writing and verified in the prescribed manner information in such form and on such points or matters (including a statement of all assets and liabilities of the assessee, whether included in the accounts or not) as the Assessing Officer may require :

Provided that -

(a) The previous approval of the Joint Commissioner shall be obtained before requiring the assessee to furnish a statement of all assets and liabilities not included in the accounts;

(b) The Assessing Officer shall not require the production of any accounts relating to a period more than three years prior to the previous year.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 August 2010 AS PER PROVISO (a) TO SECTION 142(1) (iii), THE A.O. CAN CALL FOR THE ASSETS AND LIABILITIES OF THE ASSESSEE, WHETHER INCLUDED IN THE ACCOUNTS OR NOT ,WITH THE PREVIOUS APPROVAL OF JOINT COMMISSIONER OF INCOME TAX.