Provisional assessments: stricter limits on provisional bank assessments, requiring prior approval and expedited completion when refunds arise. Provisional assessments under section 141A should be avoided for banking companies where regular assessments can be completed within six months; Assessing Officers must obtain prior approval of the Commissioner of Income-tax before completing provisional assessments if regular assessment cannot be finished within that period. Prior approval of the Commissioner is also required where a provisional assessment would result in a substantial refund, and the Commissioner must ensure such assessments are taken up expeditiously, given priority, and not resorted to indiscriminately.
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.
Provisional assessments: stricter limits on provisional bank assessments, requiring prior approval and expedited completion when refunds arise.
Provisional assessments under section 141A should be avoided for banking companies where regular assessments can be completed within six months; Assessing Officers must obtain prior approval of the Commissioner of Income-tax before completing provisional assessments if regular assessment cannot be finished within that period. Prior approval of the Commissioner is also required where a provisional assessment would result in a substantial refund, and the Commissioner must ensure such assessments are taken up expeditiously, given priority, and not resorted to indiscriminately.
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