Inccome tax notice u/s 143 (2)
This query is : Resolved
03 September 2008
Please clarfy this notice related to what and what impact it has.
03 September 2008
This notice is requiring the assessee either to attend before the ITO or to produce evidence in support of the return filed to scrutinse the accounts and to complete the assessment.Failure to comply will lead to ex-parte assessment called best judgement assessment u/s.144 of the income tax act,1961.
03 September 2008
Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall,—
(i) where he has reason to believe that any claim of loss, exemption, deduction, allowance or relief made in the return is inadmissible, serve on the assessee a notice specifying particulars of such claim of loss, exemption, deduction, allowance or relief and require him, on a date to be specified therein to produce, or cause to be produced, any evidence or particulars specified therein or on which the assessee may rely, in support of such claim:
(i) where he has reason to believe that any claim of loss, exemption, deduction, allowance or relief made in the return is inadmissible, serve on the assessee a notice specifying particulars of such claim of loss, exemption, deduction, allowance or relief and require him, on a date to be specified therein to produce, or cause to be produced, any evidence or particulars specified therein or on which the assessee may rely, in support of such claim:
04 September 2008
Thanks to Mr Sampat jain for elaborating the answer.
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