Assessee did not file return for AY 2012-13, but he had few FDs, interest for which was lower than 2.5L. Now he first received notice u/s 148, where his income was assessed considering FD amount as well as the Interest amount as his income. This was in March 2019. In December 2019, he again received notices u/s 142 to file return and show his accounts to AO.
What course of action should the assessee adopt now? Would filing the return suffice? Will he have to file an appeal against the assessment done u/s 148. In case he decides to file appeal, is it compulsory to deposit entire amount of taxes first and then file appeal? Kindly suggest..
CAclubindia
