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Home Bare Acts Phrase: section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there can be omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessmentIncome Tax Act, 1961 Section 143
Title : Assessment
State : Central
Year : 1961
.....the concerned university, college or other institution and the Assessing Officer.] 12[(4) Where a regular assessment under sub-section (3) of this section or section 144 is made,- (a) any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment ; (b) if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly. (5) 13[Omitted by the Finance Act, 1999, w.e.f. 1-6-1999.]] 14[* * *] ________________________ 1. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Section 143, was earlier amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Finance Act, 1974, w.e.f. 1-4-1975, Finance Act, 1976, w.e.f. 1-4-1976, Finance (No. 2) Act, 1980, w.e.f. 1-4-1980 and Finance Act, 1987, w.e.f. 1-4-1988. 2. Substituted by the Finance Act, 1999, w.e.f. 1-6-1999. Prior to its substitution, sub-section (1), as amended by the Direct Tax Laws.....
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 15
Title : Assessment
State : Central
Year : 1958
.....year in which the gifts were first assessable.] (b) Where, as a result of an order made under 5 [sub-section (3) or sub-section (5) of this section or section 16 or section 22 or section 23 or section 24 or section 26 or section 28 or section 34 relating to any earlier assessment year and passed subsequent to the filing of the return referred to in clause (a) there is any variation in the exemption or deduction claimed or made in the return, and as a result of which,-- (i) if any tax or interest is found due, an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 31 and all the provisions of this Act shall apply accordingly; and (ii) if any refund is due, it shall be granted to the assessee: Provided that an intimation for any tax or interest due under this clause shall not be sent after the expiry of four years from the end of the financial year in which any such order was passed. 6 [(1 A) (a) Where in the case of any person, the taxable gift, as a result of the adjustments made under 7 [the first proviso] to clause (a) of sub-section (1), exceeds the taxable.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WE
Title : Assessment
State : Central
Year : 1961
.....and determine the sum payable by him or refund of any amount due to him on the basis of such assessment. (4) Where a regular assessment under sub-section (3) or section 115WF is made, - (a) any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment; (b) if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.] _____________________ 1. For Legal Summary on Chapter XIIH, see after section 115WL. 2. Sub-sections (1), (1A), (1B) and (1C) substituted for sub-section (1) by the Finance Act, 2008, with effect from 1st April, 2008. Prior to substitution, sub-section (1) stood as under: (1) Where a return has been made under section 115WD, - (i) if any tax or interest is found due on the basis of such return, after adjustment of any advance tax paid, any tax paid on self-assessment and any amount paid otherwise by way of tax or interest, then without prejudice to the provisions.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 16
Title : Assessment
State : Central
Year : 1957
.....from the end of the assessment year in which the net wealth was first assessable.] 3 [*****] 4 [*****](2) 5 [Where a return has been made under section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of this section, the Assessing Officer shall, if he] considers it necessary or expedient to ensure that the assessee has not understated the net wealth or has not under-paid the tax in any manner 6 [serve on the assessee] a notice requiring him, on a date to be specified therein, either to attend at the office of the Assessing Officer or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return: 7 [Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.] (3) On the day specified in the notice issued under sub-section (2) or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 154
Title : Rectification of Mistake
State : Central
Year : 1961
.....assessee of its intention so to do and has allowed the assessee a reasonable opportunity of being heard. (4) Where an amendment is made under this section, an order shall be passed in writing by the income-tax authority concerned. (5) Subject to the provisions of section 241, where any such amendment has the effect of reducing the assessment, the Assessing Officer shall make any refund which may be due to such assessee. (6) Where any such amendment has the effect of enhancing the assessment or reducing a refund already made, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be issued under section 156 and the provisions of this Act shall apply accordingly. (7) Save as otherwise provided in section 155 or sub-section (4) of section 186 no amendment under this section shall be made after the expiry of four years from the end of the financial year in which the order sought to be amended was passed. 3[(8) Without prejudice to the provisions of sub-section (7), where an application for amendment under this section is made by the assessee on or after the 1st day.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Section 17A
Title : Time-limit for Completion of Assessment and Reassessment
State : Central
Year : 1957
.....setting aside or cancelling an assessment, may he made at any time before the expiry of8[two years] from the end of the financial year in which the order under section7[23A] or section 24 is received by the9[Chief Commissioner or Commissioner] or, as the case may be, the order under section 25 is passed by the Commissioner: 10[Provided that where the order under Section 23A or section 24 is received by the Chief Commissioner or Commissioner or, as the case may be, the order under section 25 is passed by the Commissioner on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such an order of fresh assessment may be made at any time up to the 3Ist day of March, 2002.] 15[Provided further that where the order under Section 23A or section 24 is received by the Chief Commissioner or Commissioner or, as the case may be, the order under section 25 is passed by the Commissioner, on or after the 1st day of April, 2005, the provisions of this subsection shall have effect as if for the words "one year", the words "nine months" had been substituted.] (4) The provisions of sub-sections (1) and (2) shall not apply to the assessment or reassessment made on.....
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 10A
Title : Time Limit for Completion of Assessments and Re-assessments
State : Central
Year : 1974
.....of, or to give effect to, any finding or direction contained in an order under Section 15 or Section 16 or Section 19 or Section 20 of this Act or Section 256 or Section 260 of the Income-tax Act as applicable to this Act by virtue of Section 21 of this Act or in an order of any Court in a proceeding otherwise than by way of appeal or reference under this Act and such assessment or re-assessment may, subject to the provisions of sub-section (3), be completed at any time. Explanation 1.-- In computing the period of limitation for the purposes of this section- (i) the time taken in reopening the whole or any part of the proceeding; or (ii) the period during which the assessment proceeding is stayed by an order or injunction of any Court, shall be excluded. Explanation 2.-- Where, by an order referred to in sub-section (4), any interest is excluded from the chargeable interest for an assessment year in respect of an assessee, then, an assessment of such interest for another assessment year shall, for the purposes of Section 10 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said order.] .....
View Complete Act List Judgments citing this sectionFinance Act 1999 Section 64
Title : Amendment of Section 143
State : Central
Year : 1999
.....following sub-section shall be substituted, namely :- "(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, - (i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid, any tax paid on self assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee : Provided that except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him : Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 13
Title : Section 11 Not to Apply in Certain Cases
State : Central
Year : 1961
.....in so far as such use or application relates to any period before the 1st day of July, 1972, no regard shall be had to the amendments made to this section by section 7 [other than sub-clause (ii) of clause (a) thereof] of the Finance Act, 1972. (2) Without prejudice to the generality of the provisions of clause (c) and clause (d) of sub-section (1), the income or the property of the trust or institution or any part of such income or property shall, for the purposes of that clause, be deemed to have been used or applied for the benefit of a person referred to in sub-section (3), (a) if any part of the income or property of the trust or institution is, or continues to be, lent to any person referred to in sub-section (3) for any period during the previous year without either adequate security or adequate interest or both; (b) if any land, building or other property of the trust or institution is, or continues to be, made available for the use of any person referred to in sub-section (3), for any period during the previous year without charging adequate rent or other compensation; (c) if any amount is paid by way of salary, allowance or otherwise during the previous year.....
View Complete Act List Judgments citing this sectionFinance Act 1999 Section 91
Title : Amendment of Section 2
State : Central
Year : 1999
.....day of June, 1999, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- "(1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4), - (i) if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 30 and all the provisions of this Act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee : Provided that except as otherwise provided in this sub-section, the acknowledgement of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him : Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in.....
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