India - Income Tax Act 2010 - Saarc

1.665 CH. XIV - PROCEDURE FOR ASSESSMENT S. 143Provided further that no intimation under this sub-section shall be sent afterthe expiry of one year from the end of the financial year in which the return ismade.Explanation.—For the purposes of this sub-section,—(a) “an incorrect claim apparent from any information in the return” shallmean a claim, on the basis of an entry, in the return,—(i) of an item, which is inconsistent with another entry of the sameor some other item in such return;(ii) in respect of which the information required to be furnishedunder this Act to substantiate such entry has not been so furnished;or(iii) in respect of a deduction, where such deduction exceeds specifiedstatutory limit which may have been expressed as monetaryamount or percentage or ratio or fraction;(b) the acknowledgement of the return shall be deemed to be theintimation in a case where no sum is payable by, or refundable to, theassessee under clause (c), and where no adjustment has been madeunder clause (a).(1A) For the purposes of processing of returns under sub-section (1), the Boardmay make a scheme for centralised processing of returns with a view toexpeditiously determining the tax payable by, or the refund due to, the assesseeas required under the said sub-section.(1B) Save as otherwise expressly provided, for the purpose of giving effect to thescheme made under sub-section (1A), the Central Government may, by notificationin the Official Gazette, direct that any of the provisions of this Act relatingto processing of returns shall not apply or shall apply with such exceptions,modifications and adaptations as may be specified in that notification; so,however, that no direction shall be issued after the 31st day of March, 67 [2011].(1C) Every notification issued under sub-section (1B), along with the schememade under sub-section (1A), shall, as soon as may be after the notification isissued, be laid before each House of Parliament.]68[(2) Where a return has been furnished under section 139, or in response to anotice under sub-section (1) of section 142, the Assessing Officer shall,—(i) where he has reason to believe that any claim of loss, exemption,deduction, allowance or relief made in the return is inadmissible,67. Substituted for “2010” by the Finance Act, 2010, w.e.f. 1-4-2010. Earlier “2010” wassubstituted for “2009” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.68. Substituted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its substitution, sub-section(2), as amended by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989 andthe Finance (No. 2) Act, 1991, w.e.f. 1-10-1991, read as under:“(2) Where a return has been made under section 139, or in response to a notice under subsection(1) of section 142, the Assessing Officer shall, if he considers it necessary orexpedient to ensure that the assessee has not understated the income or has not computedexcessive loss or has not under-paid the tax in any manner, serve on the assessee a noticerequiring him, on a date to be specified therein, either to attend his office or to produce,or cause to be produced there, any evidence on which the assessee may rely in support ofthe return :Provided that no notice under this sub-section shall be served on the assessee after theexpiry of twelve months from the end of the month in which the return is furnished.”