Inccome tax notice u/s 143 (2)

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vasanti natu

vasanti natu (Querist)
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03 September 2008 Please clarfy this notice related to what and what impact it has.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 September 2008 This notice is requiring the assessee either to attend before the ITO or to produce evidence in support of the return filed to scrutinse the accounts and to complete the assessment.Failure to comply will lead to ex-parte assessment called best judgement assessment u/s.144 of the income tax act,1961.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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03 September 2008 Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall,—

(i) where he has reason to believe that any claim of loss, exemption, deduction, allowance or relief made in the return is inadmissible, serve on the assessee a notice specifying particulars of such claim of loss, exemption, deduction, allowance or relief and require him, on a date to be specified therein to produce, or cause to be produced, any evidence or particulars specified therein or on which the assessee may rely, in support of such claim:

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 September 2008 Thanks to Mr Sampat jain for elaborating the answer.

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