Additional income tax arising from returned loss adjustments can be specified by intimation and may create liability despite low taxable income. Additional income-tax may be levied where adjustments under the proviso to section 143(1)(a) increase computed total income relative to the return, including where a declared loss is reduced or converted into income below the taxable threshold; such additional tax must be specified in the intimation under section 143(1)(a)(i), but if the total adjustments remain below taxable income the additional tax is nil and an intimation under the second proviso cannot be issued in those circumstances.
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.
Additional income tax arising from returned loss adjustments can be specified by intimation and may create liability despite low taxable income.
Additional income-tax may be levied where adjustments under the proviso to section 143(1)(a) increase computed total income relative to the return, including where a declared loss is reduced or converted into income below the taxable threshold; such additional tax must be specified in the intimation under section 143(1)(a)(i), but if the total adjustments remain below taxable income the additional tax is nil and an intimation under the second proviso cannot be issued in those circumstances.
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 
