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of <h1>Non-Compliance with Income Tax Act Sections 142 & 143 Leads to Penalties, Prosecution, and Best Judgment Assessment.</h1> Non-compliance with notices under sections 142(1)(i), 142(1)(ii), 143(2), or directions under 142(2A) of the Income Tax Act can lead to several consequences. These include a best judgment assessment under section 144, a penalty of 10,000 under section 271(1)(b), prosecution with potential imprisonment up to one year or a fine under section 276D, and the issuance of a search warrant under section 132. If non-compliance is due to auditor negligence, proceedings may be dropped. The assessee must be given an opportunity to be heard before any assessment, penalty, or prosecution.
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