Fails to reply section 148
Prabhat Pandey (210 Points)
20 July 2021
What happen when some one fails to reply form U/s148 of income tax 1961. Within given stipulated time...
2 Replies
veerendar singh
(tax consultant)
(3301 Points)
Replied 21 July 2021
You then stand at a better position
1. you have neither admitted undisclosed income nor kept it remained undisclosed by filing a return.
2. the ao cant proceed further with inquiry proceeding untill you have filed return.
3. the ao cant finalise order under 147 unless you have filed a return.
4. the will have to invariably complete assessment under 144 with very less documentary evidence or without substantial evidence.
5. such baseless assessment can easily be anulled in appeal
1. you have neither admitted undisclosed income nor kept it remained undisclosed by filing a return.
2. the ao cant proceed further with inquiry proceeding untill you have filed return.
3. the ao cant finalise order under 147 unless you have filed a return.
4. the will have to invariably complete assessment under 144 with very less documentary evidence or without substantial evidence.
5. such baseless assessment can easily be anulled in appeal
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