Notice under Section 142(1) by Income Tax Officer

Giving notice to the assessee [sec. 142(1)] –

For making of assessment, the Assessing officer may serve on any person a notice under sec. 142(1), for the following purpose:

  • Return of Income-

    If the assessee has not submitted a return of income within the time under sec. 139(1) or before the end of the relevant assessment year. The assessing officer may require him to submit the return in the prescribed for and in a date specified in the notice. Such notice can be served during the assessment year or in the end of the year.

  • Document and accounts-

    The assessing officer shall not require the production of any accounts pertaining to a period more than 3 years prior to the previous year

  • Furnishing information-

The assessing officer may require the assessee to furnish information; however, the previous year shall be obtained before requiring the assessee to furnish a statement of all assets and liabilities not included in the accounts.        

3 thoughts to “Notice under Section 142(1) by Income Tax Officer”

  1. is the A.O permitted to disallow the entire opening stock balance stating its as fictitious because the entity was paying taxes for the past 3 years in estimated basis assuming that the entity has no stock book or that year’s purchase bills as evidence to prove that the opening stock is not fictitious..the A.O has not yet asked if the entity has a stock book to confirm their assumption correct before issuing the demand notice of additional tax arising out of the dis-allowance.plz help if i can apply for an appeal.

  2. which types of essential documents are required if section 142(1) & 143(3) is applicable on the Assesses.

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