TaxTMI 
TaxTMI 
Regular/Scrutiny Assessment - Section 143(2)/143(3)
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.... Act, 2021, w.e.f. AY 2021-22] For Example :- In case of individual return is filed on 25th July, 2022 for AY 2022-23, Notice u/s 143(2) can be issued by 30th June, 2023 (i.e., upto 3 months from the end of FY in which return is filed). Some important points based on Judicial Decisions :- * Notice validly served upon assessee within prescribed time of 12 months from the end of FY in which return was furnished (6 months for AY 2020-21 & 3 months from AY 2021-22) is on revenue {CIT vs Lunar Diamonds (2006)} * If assessee furnished revised return u/s 139(5), a fresh notice must be served on the assessee. * Where notice is served by affixture on last day after office hours shall not be regarded as valid notice. {CIT vs Vishnu & Co. Pvt.....
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.... The consequence of a default in complying with the notice u/s 143(2), may entail an ex parte, best judgment assessment u/s 144. Such a default may also attract penalty u/s 271(1)(b) which has been fixed at ₹ 10,000. Section 143(3): Order of Scrutiny Assessment AO on the basis of material & evidences furnished by assessee in response to notice u/s 143(2) or gathered by AO, AO shall determine the income or loss of Assessee, by way of passing an order along with determination of tax payable or refundable to assessee u/s 143(3). * Following any Institution to whom exemption available * research association u/s 10(21) * news agency u/s 10(22B) * association or institution u/s 10(23A) * institution u/s 10(23B) or * AO cannot....
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.... in accordance with all or any of the conditions subject to which such university, college or other institution was approved, he may, after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned university, college or other institution, recommend to the Central Government to withdraw the approval and that Government may by order, withdraw the approval and forward a copy of the order to the concerned university, college or other institution and the Assessing Officer. Time Period for completion of Assessment Time period for completing the Assessment in such cases will excluded the period between the date on which the Assessing officer makes a reference to the Principal Commissioner or Commissioner....