NOTICE UNDER SECTION 142(1)

This query is : Resolved

P.S.VISHWANATHAN

P.S.VISHWANATHAN (Querist)
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29 October 2009 OUR MANAGING DIRECTOR HAS BEEN SERVED WITH A NOTICE UNDER SECTION 142(1)FOR THE ASSESMENT YEAR 2007-08. NO NOTICE UNDER SECTION 143(2) WAS EVER SERVED BEFORE. In THIS EVENT CAN THIS NOTICE UNDER SECTION 142(1) BE TREATED AS VALID? THE INCOME TAX RETURN FOR THE RELEVENT YEAR HAS BEEN DULY FILED WITH IN TIME AND A DATED ACKNOWLEDGEMENT IS AVAILABLE. PLEASE SUGGEST THE COURSE OF ACTION.
THANKS AND REGARDS.

CA Balram Sharma

CA Balram Sharma (Expert)
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29 October 2009 FOR THE ISSUE OF NOTICE U/S 142(1) THERE IS NO TIME LIMIT,

HENCE NOTICE CAN BE ISSUED AT ANY TIME.

SO NOTICE U/S 142(1) IS VALID NOTICE.

BUT, BECAUSE THE NOTICE U/S 143(2) HAS NOT ISSUED AO CAN'T MAKE ASSESSMENT U/S 143(3)

CA. Vinod Pandey

CA. Vinod Pandey (Expert)
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29 October 2009 Notice u/s 142(1) can be issued when assessee has not file the return and time limt u/s 139(1) is over. However, it can also be issued to the person who has filed the retrun to produce documents/records as required thr notice.
Further, notice u/s 143(2) may also be in process.

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