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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 143 of Income-tax Act: New Process for Assessing Income, Addressing Errors, and Verification Needs.</h1> The amendment to Section 143 of the Income-tax Act, 1961, under the Taxation Laws (Amendment) Act, 1970, introduces a new assessment process. The Income-tax Officer can assess an individual's total income or loss based on returns filed under Section 139, making necessary adjustments for arithmetical errors, admissible or inadmissible deductions, and allowances. If the assessee objects to the assessment or if verification is deemed necessary, the officer may require further evidence. A fresh assessment may be conducted if the initial one is deemed incorrect or incomplete. The provision outlines criteria for determining assessment accuracy and the classification of the assessee's status.
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