Interest escaping assessment: Assessing Officer may issue a statutory notice and reassess interest tax where chargeable interest escaped. Where chargeable interest has escaped assessment, been under assessed, or been subject to excessive relief due to omission to make a return or failure to disclose material facts, or on account of information in the Assessing Officer's possession, the Assessing Officer may serve a statutory notice and proceed to assess or reassess the amount chargeable to interest tax; the notice may include requirements analogous to those in the return procedure and the Act applies as if the notice were issued under that return provision.
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.
Interest escaping assessment: Assessing Officer may issue a statutory notice and reassess interest tax where chargeable interest escaped.
Where chargeable interest has escaped assessment, been under assessed, or been subject to excessive relief due to omission to make a return or failure to disclose material facts, or on account of information in the Assessing Officer's possession, the Assessing Officer may serve a statutory notice and proceed to assess or reassess the amount chargeable to interest tax; the notice may include requirements analogous to those in the return procedure and the Act applies as if the notice were issued under that return provision.
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