Protective assessment_IT Act
MathemaGician (9 Points)
20 May 2021
protective assessment is discussed under which section of IT Act, 1961 ?
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 21 May 2021
This is a type of assessments that focus on those assessments which are made to 'protect' the interest of the revenue. Protective Assessment is permissible in law. It is occasioned when an income is offered by one person, while the Revenue considers that such income is assessable in the hands of other.
In the Income Tax Act, 1961 (the Act), there is provision to make only ‘regular assessment’. As per section 2(40) of the Act, ‘regular assessment’ means the assessment made under section 143(3) or section 144. Again as per section 2(8) of the Act, ‘assessment’ includes reassessment; therefore, assessment made under section 143(3) and 144 and 147 is also a ‘regular assessment’. Protective assessment is said to those assessments which are made to ‘protect’ the interest of the revenue
In the Income Tax Act, 1961 (the Act), there is provision to make only ‘regular assessment’. As per section 2(40) of the Act, ‘regular assessment’ means the assessment made under section 143(3) or section 144. Again as per section 2(8) of the Act, ‘assessment’ includes reassessment; therefore, assessment made under section 143(3) and 144 and 147 is also a ‘regular assessment’. Protective assessment is said to those assessments which are made to ‘protect’ the interest of the revenue
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 21 May 2021
Thanks for the complement
veerendar singh
(tax consultant)
(3306 Points)
Replied 21 May 2021
Protective assessment is a non-statutory assessment. its not prescribed under the act.
i doubt if its valid under the income tax act.
i doubt if its valid under the income tax act.
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