Assessment - Law Dictionary Search Results
Home Dictionary Name: assessment Page 1 of about 219 results (0.002 seconds)Assessment
Assessment, includes provisional assessment, reassessment and any order of assessment in which the duty assessed is nil. [Customs Act, 1962 (52 of 1962), s. 2 (2)]Includes re-assessment. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (cb)]The word 'assessment' can bear a very comprehensive meaning, it can comprehend the whole procedure for ascertaining and imposing liability upon the tax-payer, Kalawati Devi Harlalka v. CIT, AIR 1968 SC 162 (167): (1967) 3 SCR 833. [Income-tax Act, 1961 s. 297 (2)(a)]The word 'assessment' is used in the Income-tax Act in number of provisions in a comprehensive sense and includes all proceedings, starting with the filing of the Return or issue of notice and ending with determination of the tax payable by the assessee, S. SanKarappa v. I.T.O., AIR 1968 SC 816 (818): (1968) 2 SCR 674. [Income-tax Act, 1961 s. 35(1) & (5)]...
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....
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...
Escaped assessment
Escaped assessment, the expression 'escaped asses-sment' includes that of a turnover which has not been assessed at all, because for one reason or other no assessment proceedings were initiated and therefore no assessment was made in respect there of, Ghanshyamdas v. Regional Asst. C.S.T., AIR 1964 SC 766: (1964) 4 SCR 436. [C.P. and Berar Sales Tax Act, (1 of 1947), s. 11A]See also C.I.T. v. Sun Engg. Coorss (P.) Ltd., (1992) 4 SCC 363: AIR 1993 SC 43....
Union Assessment Committee
Union Assessment Committee. A committee of the board of guardians of every union, consisting of not less than six nor more than twelve, having jurisdiction to revise the valuation lists framed by the overseers of each parish for the purpose of rating to the poor rate. See (English) Union Assessment Committee Acts of 1862 and 1864 (25 & 26 Vict. c. 103, and 27 & 28 Vict. c. 39), by the latter of which there can be n appeal against a poor rate to quarter sessions without previous notice of the objection of the appellant to the assessment committee, and failure to obtain relief from such committee. As to time of giving notice of appeal, see Denaby Overseers v. Denaby Collieries, 1909 AC 247. The Act of 1864 (27 & 28 Vict. c. 38), has been repealed by the (English) Rating and Valuation Act, 1925 (15 & 16 Geo. 5, c. 90), except s. 6 and in part as to London. See RATES....
jeopardy assessment
jeopardy assessment : a special immediate assessment of an alleged tax deficiency levied under federal law when a taxing officer believes that delay may jeopardize collection of the claim ...
Assessment of damages
Assessment of damages, the assessment of damages is split into two parts. The first part comprises damages for the period between death and trial. The multiplicand is multiplied by the number of years which have elapsed between those two decades. Interest at one half of the short-term investment rule is also awarded on that multiplicand. The second party's damages for the period from the trial onwards from that period, the number of years which have based on the number of years that the expectancy would probably have lasted: central to that calculation is the probable length of the deceased's working life at the date of death, Uttar Pradesh State Road Transport Corporation v. Krishna Bala, AIR 2006 SC 2688....
Assessment year
Assessment year, means the period of twelve months commencing on the 1st day of April every year. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (d)]Assessment year is a standard period of 12 months commencing on 1st April of every year, Premier Cable Co. Ltd. v. Commissioner of Income Tax, (1999) 3 SCC 367....
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]...
Income assessed in a foreign country
Income assessed in a foreign country, the ex-pression 'income assessed in the foreign country' would clearly, in the context in which it is used, mean subjected to tax in the foreign country, C.I.T. v. Clive Insurance Co. Ltd., AIR 1978 SC 1290: (1978) 3 SCC 161: (1978) 3 SCR 844...
- << Prev.
- Next >>