February 15, 2025

The return of income under section 263 required to be furnished by the person specified in column B of the Table below shall be verified by the person specified in corresponding entry in column C of the said Table Sl. No. Person Furnishing Return of Income To Be Verified By 1 An individual (i) The […]

(1) Where, after taking into account the amounts referred to in sub-section (2), any tax is payable on the basis of any return required to be furnished under section 263 or 268 or 280 or 294, then––(a) the assessee shall be liable to pay such tax together with interest and fee payable under any provision

(1) Where no return of income under section 263(1) or (4) has been furnished by an assessee and, after taking into account the amounts referred to in sub-section (2), tax is payable on the basis of return to be furnished by such assessee under section 263(6), then—(a) the assessee shall be liable to pay such

(1) For the purpose of making an assessment under this Act, the Assessing Officer may serve on any person who has made a return under section 263 or in whose case the time allowed under section 263(1) for furnishing the return has expired, a notice requiring him, on a date to be specified therein,—(a) where

(1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including the fair market value, of any asset, property or investment and submit a copy of report to him.(2) The Assessing Officer may make a reference to the Valuation Officer under sub-section

(1) Where a return has been made under section 263, or in response to a notice under section 268(1) such return shall be processed in the following manner:—(a) the total income or loss shall be computed after making the adjustments towards the following:—(i) any arithmetical error in the return;(ii) an incorrect claim, if such incorrect

(1) If any person—(a) fails to make the return required under sub-section 263(1) and has not made a return or a revised return under section 263(4) or (5) or an updated return under section 263(6);(b) fails to comply with all the terms of a notice issued under section 268(1) or fails to comply with a

(1) A Joint Commissioner may, on his own motion or on a reference being made to him by the Assessing Officer or on the application of an assessee, call for and examine the record of any proceeding in which an assessment is pending and, if he considers that, having regard to the nature of the

(1) Irrespective of anything to the contrary contained in any other provision of this Act, the assessment, reassessment or recomputation under section 270(10) or 271 or 279, as the case may be, with respect to the cases referred to in sub-section (2), shall be made in a faceless manner as per such procedure, as prescribed

(1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the specified business or profession mentioned in column B of the Table in sub-section (2). (2) The profits and gains of any specified business or profession as mentioned in column B of the Table below, carried