Assessment of asset transfers: officer may tax current year income if assets are likely disposed to avoid tax liabilities. Assessing Officer may assess a person's total income for the current tax year from its first day until commencement of proceedings where the person appears likely to dispose of assets to avoid tax; the clause brings such income into the current year as chargeable to tax. The procedural provisions in section 317(2)-(6) apply, so far as may be, to proceedings under this clause, incorporating corresponding procedural mechanisms into these special assessments.
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 asset transfers: officer may tax current year income if assets are likely disposed to avoid tax liabilities.
Assessing Officer may assess a person's total income for the current tax year from its first day until commencement of proceedings where the person appears likely to dispose of assets to avoid tax; the clause brings such income into the current year as chargeable to tax. The procedural provisions in section 317(2)-(6) apply, so far as may be, to proceedings under this clause, incorporating corresponding procedural mechanisms into these special assessments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
