Notice u/s 142(1)
This query is : Resolved
16 August 2013
Hi,
The assessee had not filed I. T. returns for many years due to non taxable(EXEMPT) income.
( ONLY AGRICULTURAL LAND INCOME )
On 01-06-13, the assessee received a notice u/s. 142 (1) for AY 2012-2013, for producing explanation of certain transactions (and not for filing of I T retruns) . No assessment notice u/s 143(2) has been issued and served to the assessee on a prior date
Is this notice valid?
What are the time limits and conditions for issue of a notice u/s. 142 (1)
The Assessee SOLD 100% AGRICULTURAL LAND IN THE SAME A Y AND C G IS NIL.
( PURCHASE ANOTHER 100% AGRICULTURAL LAND WITHIN TIME LIMIT )
If the assessee appears and provides explanation to the AO than he can charge u/s 292BB and opther provsisons of the Act take action against the assessee for non filing of returns?
What addititinal action can the AO take against the assessee.
In case, if the assessee does not file any reply to the notice received or appears and provides any explanation to the AO, what further action can the AO take against the assessee?
Request you if you could also give case laws to strengthen the case of the assessee in the above matter
Awaiting your reply to above
Thanks & Regards in advance
Devang P
The assessee had not filed I. T. returns for many years due to non taxable(EXEMPT) income.
( ONLY AGRICULTURAL LAND INCOME )
On 01-06-13, the assessee received a notice u/s. 142 (1) for AY 2012-2013, for producing explanation of certain transactions (and not for filing of I T retruns) . No assessment notice u/s 143(2) has been issued and served to the assessee on a prior date
Is this notice valid?
What are the time limits and conditions for issue of a notice u/s. 142 (1)
The Assessee SOLD 100% AGRICULTURAL LAND IN THE SAME A Y AND C G IS NIL.
( PURCHASE ANOTHER 100% AGRICULTURAL LAND WITHIN TIME LIMIT )
If the assessee appears and provides explanation to the AO than he can charge u/s 292BB and opther provsisons of the Act take action against the assessee for non filing of returns?
What addititinal action can the AO take against the assessee.
In case, if the assessee does not file any reply to the notice received or appears and provides any explanation to the AO, what further action can the AO take against the assessee?
Request you if you could also give case laws to strengthen the case of the assessee in the above matter
Awaiting your reply to above
Thanks & Regards in advance
Devang P
17 August 2013
Seems that notice is not valid. You may file reply in protest/with objection. More information required for proper reply.
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