Assessment u/s 143(3)
This query is : Resolved
18 November 2013
what are bases of selection of files for make assessment u/s 143(3) by department of incometax
18 November 2013
There is no fix criteria it is actually randomly selected by dept software with pre fixed criteria by such software.
18 November 2013
if there is large decline in profit % then chance of 143(3) is huges
18 November 2013
Yes...such unusual and abnormal figures or ratios in comparison to prev year have high chances that it invites notices from it dept.
18 November 2013
but such decline in profit % due to change in nature of business from retail to wholesale then dept. consider that matter.
18 November 2013
the reason is known to the assessee while filling return of income but ao doesnt know till assessment is done...
18 November 2013
This might be helpful to you:
https://incometaxindia.gov.in/archive/BreakingNews_Scrutiny_Cases_06082013.pdf
https://www.incometaxmanagement.com/pages/KnowledgeBASE/Aug-13/14-Sec143%283%29-Scrutiny-Assessments-by-Income-Tax-Department.html
https://corporatelawreporter.com/2013/06/03/cbdts-scrutiny-guidelines-section-1433-assessment-not-valid-if-case-has-been-picked-up-contrary-to-guidelines/
Your case might get covered wherein the AO might like to check wherein you have claimed excessive expenditure/losses
https://incometaxindia.gov.in/archive/BreakingNews_Scrutiny_Cases_06082013.pdf
https://www.incometaxmanagement.com/pages/KnowledgeBASE/Aug-13/14-Sec143%283%29-Scrutiny-Assessments-by-Income-Tax-Department.html
https://corporatelawreporter.com/2013/06/03/cbdts-scrutiny-guidelines-section-1433-assessment-not-valid-if-case-has-been-picked-up-contrary-to-guidelines/
Your case might get covered wherein the AO might like to check wherein you have claimed excessive expenditure/losses
18 November 2013
i agree with experts
18 November 2013
by whom assessment u/s 143(3) done by A.O of juridicstion or by person appointed by cpc bangalore
19 November 2013
all the assessments starts with jurisdictional ao only and cpc cant do assessment.
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