Assessment - Law Dictionary Search Results
Home Dictionary Name: assessmentRegular 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....
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)]...
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...
Assess
Assess [fr. assessum, Lat., setting 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 because the assessment had not been made in the regular manner under the Act, CIT v. Sun Engineing Works Ltd, AIR 1993 SC 43 (50): (1992) 4 SCC 363. (Income-tax Act, 1961, s. 147)'Assess' is a comprehensive word, and in a taxing statute it often means the computation of the income of the assessee, the determination of the tax payable by him, and the procedure for collecting or recovering the tax. In a case where there is a dispute about the identity of the assessee, the order of assessment serves the purpose of establishing that identity and naming the person from whom the tax has to be recovered, Bhopal Sugar Industries Ltd. v. State of Madhya Pradesh, AIR 1979 SC 537 (540)....
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....
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]...
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 ...
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)]...
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....
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