Notice under section 142(1)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2010 Sir
ITO has been issued notice to Assessee under section 142(1)(ii) dated 12-05-10 for the assessment year 2008-09 to produce books of account, after preliminery examination of books of account ITO has not satisfied from books of account, Now what are the options available for ITO to make further assessment
can now ITO issued notice under section
143
148

CA PRAMOD SARAOGI

CA PRAMOD SARAOGI (Expert)
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29 August 2010 AO can issue notice U/s 143(2) within 6 months from the end of financial year in which the return of income is filed

If the time limit for issue of notice U/s 143(2) is over and the AO feels that income has escaped then he may issue notice U/s 148 to re assess the income U/s 147 after recording the reason for doing so.