In case of non corporate tax payer for the assessment year 06-07, what is the basis for issue of 143(2) notice?
In case of non corporate tax payer for the assessment year 06-07, what is the basis for issue of 143(2) notice?
My gross receipt from civil construction business for the assessment year 06-07 is more than one crore. Net profit returned after interest & salary to partner is less than 5%. I am assessable to tax in the status of partnership firm. The ITO selected the case for scrutiny assessment on the ground that the gross receipt is more than 1 crore & net profit is less than 5%. Is the action of the ITO correct?
Answers:
Chosen Answer
LionRoars: Yes, the ITO is right. The ITO can scrutinise any Return of his choice and he is also not required to mention the reason of selection to the assessee, unless the case is selected u/s.148 or for his belief that income has escaped assessment.
2008-09-15 02:42:34
LionRoars: Yes, the ITO is right. The ITO can scrutinise any Return of his choice and he is also not required to mention the reason of selection to the assessee, unless the case is selected u/s.148 or for his belief that income has escaped assessment.
2008-09-15 02:42:34