Assessee - Law Dictionary Search Results

Best judgment assessment, It is primarily made on the basis of the accounts maintained by the assessee. But, when the assessing officer comes to the conclusion that no reliance can be placed on the accounts

Accounting profits and assessable profit

distinct. In arriving at the assessable profits the Income-tax Officer may disallow many expenses actually incurred by the assessee; and in computing his income, he may include many items on notional basis, But the commercial or accounting

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Assess

a tax], to rate or ascertain. The expression 'assess' refers to a situation where the assessment of the assessee for a particular year is, for the first time made by resorting to the provisions of s. 147

False return

incorrectness of the return is claimed to be due to want of care on the part of the assessee and there is no reasonable explanation forthcoming from the assessee for such want of care, the Court may,

Net wealth

computed in accordance with the provisions of this Act of all the assets wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date

Personal use

expression occurs shows that only those effects can legitimately be said to be personal which pertain to the assessee's person; in other words, an intimate connection between the effects and the person of the assessee must be

Related person

of 'related person' in sub-s. (4)(c) of s. 4, the words 'a relative and a distributor of the assessee' do not refer to any distributor but they are limited only to a distributor who is a relative

Tax, interest and penalty

Tax, interest and penalty, tax, interest and penalty are three different concepts. Tax becomes payable by an assessee by virtue of the charging provision in a taxing statute. Penalty ordinarily becomes payable when it is found

Wholly and exclusively

in s. 10(2)(xv) of the Income Tax Act, 1922 does not mean 'necessarily'. Ordinarily it is for the assessee to decide whether any expenditure should be incurred in the course of his or its business. Such expenditure

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