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154 notice issue by assessing officer

ANIL KUMAR KHETAN (PROPRIETOR) (523 Points)

24 November 2021

Assessment completed under section 143(3).Objection by assessing authority enhancing the capital and new loan received .It is subject matter under section 154 or not after assessment under section 143(3)

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3427 Points)
Replied 24 November 2021

A notice under Section 154 can be issued only up to 4 years after the end of a particular financial year in which a rectification order was passed. If the taxpayer raises an amendment request, the department is bound to respond within 6 months of receipt of such a request.

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ANIL KUMAR KHETAN (PROPRIETOR) (523 Points)
Replied 24 November 2021

Notice issue by assessing officer under section 154 for enhancing the tax liability after completing the assessment under section 143(3). Grounds for obtained new loan and enhancing in the capital . It is permissible under section 154