Assessment

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CA Vaibhavi (Querist)
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04 March 2011 Hello!!!!!!!

Can assessment u/s. 143(3) and reassessment u/s. 147 be carried out simultaneously???

Or is it necessary for reassessment u/s. 147, assessment u/s. 143(3) must be completed????

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 March 2011 Can assessment u/s. 143(3) and reassessment u/s. 147 be carried out simultaneously???

No.

Or is it necessary for reassessment u/s. 147, assessment u/s. 143(3) must be completed????
1. Section 147 is not only about reassessment. It includes assessment also.
If certain income has assessed assessment, for which, assessment U/s 143(3) has not been made, the same may also first time be assessed under this section.
2. However, if the case of assessee was finalised under section 143(3), and assessee has furnished correct particulars of his income, the department can not reopen the case after 4 years for their own mistakes.

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CA Vaibhavi

CA Vaibhavi (Querist)
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07 March 2011 Thank You!!!!

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