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of <h1>Clarification on Sections 185(5) and 186(2) of Income Tax Act: Firm Registration and Cancellation Procedures Explained.</h1> The circular addresses the application of Sections 185(5) and 186(2) of the Income Tax Act, 1961, concerning the registration of firms. It clarifies that Section 185(5) applies when a firm applies for registration for the first time, allowing the Income Tax Officer (ITO) to refuse registration if a best judgement assessment under Section 144 is warranted. For firms already registered or with effective registration under Section 184(7), the ITO must follow Section 186(2) to cancel registration, requiring a 14-day notice and an opportunity for the firm to be heard. The ITO must issue a separate order for refusal or cancellation in both scenarios.
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