Assessment of non filers permits best judgement tax assessment; filing within thirty days withdraws order but interest and late fees continue. Section 62 permits a proper officer to issue a best judgement assessment of a registered person who has failed to furnish mandated returns after notice, using all relevant available material and within five years from the date specified for furnishing the annual return for the applicable financial year. If a valid return is filed within thirty days of service of the assessment order, the assessment is deemed withdrawn, but liability for interest and late fee continues.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessment of non filers permits best judgement tax assessment; filing within thirty days withdraws order but interest and late fees continue.
Section 62 permits a proper officer to issue a best judgement assessment of a registered person who has failed to furnish mandated returns after notice, using all relevant available material and within five years from the date specified for furnishing the annual return for the applicable financial year. If a valid return is filed within thirty days of service of the assessment order, the assessment is deemed withdrawn, but liability for interest and late fee continues.
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