Assessing Officer - Law Dictionary Search Results
Home Dictionary Name: assessing officer Page 1 of about 31 results (0.004 seconds)Assessing Officer
Assessing Officer, means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-s. (1) or sub-s. (2) of s. 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under s. 8 of this Act and also the Joint Commissioner who is directed under clause (b) of sub-s. (4) of the said s. 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (ca)]...
Regular assessment
Regular assessment, section 148 mandates the Assessing Officer to serve a notice on the assessee before making the assessment, reassessment or re-computation under s. 147. From the aforemen-tioned provisions, it is manifest that an initial assessment made by the Assessing Officer either on the assessee voluntarily furnishing a return of the income or furnishing such a return on being served a notice under s. 148, is a 'regular assessment' under s. 2(40) of the Act, but an order passed by the Assessing Officer making a reassessment or revised assessment in a case where an assessment had been made, does not come within the meaning of the said expression, K. Govindan and Sons v. CIT, AIR 2001 SC 254: (2001) 1 SCC 460....
Valuable security
Valuable security, certificates the appellant has been found to have forged to get admission in the Arts and Commerce College affiliated to Poona Univer-sity could not be described as 'valuable security' within the meaning of s. 30 of the Indian Penal Code, Shaikh Noor Mohd. Shaikh Fazal v. State of Maharashtra, (1980) 4 SCC 551: AIR 1981 SC 297 (298). [Penal Code (45 of 1860), ss. 30, 465, 467, 471]The words 'valuable security' denote a document which is, or purports to be, a document whereby any legal right is created, extended, transferred, restricted, extinguished or released, or whereby any person acknowledges that he lies under legal liability, or has not a certain legal right, see also. [Dowry Prohibition Act, 1961 (28 of 1961), s. 2, Expl. II; (English) Penal Code, 1860, s. 30]The assessment order is certainly a 'document', under s. 29, IPC. The order of assessment does create a right, in the assessee, in the sense that he has a right to pay tax only on the total amount assesse...
Best judgment assessment
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 maintained by the assessee, he proceeds to assess the assessee on the basis of his 'best judgment'. In doing so, he may take such assistance as the assessee's accounts may afford, he may also rely on other information gathered by him as well as the surrounding circumstances of the case. The assessments made on the basis of the assessee's accounts and those made on 'best judgment' basis are totally different types of assessments, Commissioner of Sales Tax v. H.M. Esufali, (1973) 2 SCC 137: AIR 1973 SC 2266: (1973) 3 SCR 1005. [Madhya Pradesh General Sales Tax Act, 1958, s. 18(4) and 19]The power to levy assessment on the basis of best judgment is not an arbitrary power; it is an assessment on the basis of best judgment, State of Orissa v. Shri B. P. Singh Deo, (1971) 3 SCC 52: AIR 19...
Reassess
Reassess, the expression 'reassess' refers to a situa-tion where an assessment has already been made but the Income-tax Officer has, on the basis of information in his possession, reason to believe that there has been under assessment on account of the existence of any of the grounds contemplated by the provisions of s. 147(b) read with the Ex-planation (1) thereto, CIT v. Sun Engineering, AIR 1993 SC 43 (50): (1992) 4 SCC 363. (Income Tax Act, 1961, s. 147)...
Self appraisal
Self appraisal, the method of performance appraisal is based on the self-appraisal by the officer concerned. It is a method where the employee is asked to give, in his own words, his strong points, weak points and constraints faced by him in the service. The self-appraisal is then considered by the reporting officer who gives his remarks. Finally the higher reviewing authority decides the assessment by weighting both the employee's self-appraisal and the remarks given by the reporting officer, A.P. State Financial Corpn. v. C.M. Ashok Raju, AIR 1995 SC 39 (41): (1994) 5 SCC 359....
Record
Record, a memorial or remembrance; an authentic testimony in writing contained in rolls of parchment, and preserved in a Court of record. The public records of the kingdom are placed under the superintendence of the Master of the Rolls, and a Record Office established by the (English) Public Record Office Act, 1838 (1 & 2 Vict. c. 94). The (English) Public Record Office (commonly called the Rolls Office) is a large building in Chancery Lane, London, and was opened in 1902.There are three kinds of records, viz.: (1) judicial, as an attainder; (2) ministerial, on oath, being an office or inquisition found; (3) by way of conveyance, as a deed enrolled. As to ancient public records generally, see Hubback on Succession, pp. 607 et seq.The Record Offices of the Supreme Court are now merged in the Central Office there. See (English) R.S.C. Ord. LXI.Also the general name given to (a) pleadings and subsequent orders and recorded matters in an action (by R. S. C. 1883, Ord. XXXVI. R. 30, the par...
Levy
Levy, may include both the process of taxation as well as the determination of the amount of tax or duty, S.K. Pattanaik v. State of Orissa, (2000) 1 SCC 413.The term 'levy' is wider in its import than term 'assessment'. It may include both 'imposition' as well as 'assessment' Imposition is generally used for levy of a duty or tax by legislative provisions indicating the subject-matter of levy and rate of levy. Levy of duty does not mean actual collection, Collector of Central Excise, Chandigarh v. Smith Kline Beecham Consumer Health Care Ltd., AIR 2003 SC 829. [see Central Excise Act, 1944 (1 of 1944)][fr. levo, Lat.], the act of raising money or men.Assessment and collection of income tax The expression 'levy, assessment and collection of income-tax' in section 13(1) of the Finance Act, 1950, was wide enough to comprehend re-assessment proceedings under section 34 of the Income Tax Act, 1922, Income Tax Officer v. K.N. Guruswamy, AIR 1958 SC 808: (1959) SCR 785.Levy under section 14(...
Final order
Final order, an order appealed against cannot be regarded as a final order, where it does not of its own force bind or affect the rights of the parties, Prem Chand Satramdas v. State of Bihar, AIR 1951 SC 14: (1950) SCR 799.The expression 'final order' has been used in contradistinction to what is known as 'interlocutory order' and the essential test to distinguish the one from the other has been discussed and formulated in several cases decided by the Judicial Committee. The test for determining the finality of an order is, whether the judgment or order finally disposed of the rights of the parties, V.C. Shukla v. State Through C.B.I., AIR 1980 SC 962: (1980) Supp SCC 92.Where the order of the Commissioner under s. 33A required the Income-tax Officer to look into the books of account of assessee and make an estimate in the light of the material based on those books and directed him to substitute his estimate for the income already assessed under s. 23(4) and modify the assessment acco...
Accounting profits and assessable profit
Accounting profits and assessable profit, these two concepts, 'accounting profits' and 'assessable profit', are 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 profits are the actual profits earned by an assessee by as assessee calculated on commercial principles, C.I.T. v. Gangadhar Banarjee & Co. (P) Ltd., AIR 1965 SC 1977 (1981): (1965) 3 SCR 439. [Income-tax Act (11 of 1957), s. 23A]...
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