24 December 2009
What is the procedure of assesment , if survey u/s 133A is conducted on the assesee . Is it possible to collect tax without making assesment u/s 143(3) in case of survey u/s 133A ?
24 December 2009
On the basis of declaration of income made by the assessee during the survey proceedings; these are deemed as pertaining to current financial year in which survey was made hence advance tax liability becomes due.
Accordingly the assessee is required to pay advance tax even though assessment will be made later on.
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