India - Income Tax Act 2010 - Saarc

S. 144 I.T. ACT, 1961 1.668(a) any tax or interest paid by the assessee under sub-section (1) shall bedeemed to have been paid towards such regular assessment ;(b) if no refund is due on regular assessment or the amount refundedunder sub-section (1) exceeds the amount refundable on regularassessment, the whole or the excess amount so refunded shall bedeemed to be tax payable by the assessee and the provisions of this Actshall apply accordingly.(5) 76 [Omitted by the Finance Act, 1999, w.e.f. 1-6-1999.]]77[* * *]Best judgment assessment.78144. 79 [(1)] If any person—(a) fails to make the return required 80 [under sub-section (1) of section139] and has not made a return or a revised return under sub-section(4) or sub-section (5) of that section, or(b) fails to comply with all the terms of a notice issued under sub-section(1) of section 142 81 [or fails to comply with a direction issued undersub-section (2A) of that section], or(c) having made a return, fails to comply with all the terms of a noticeissued under sub-section (2) of section 143,the 82 [Assessing] Officer, after taking into account all relevant material which the82[Assessing] Officer has gathered, 83 [shall, after giving the assessee an opportunityof being heard, make the assessment 84 ] of the total income or loss to thebest of his judgment and determine the sum payable by the assessee 85 [* * *] onthe basis of such assessment :86[Provided that such opportunity shall be given by the Assessing Officer byserving a notice calling upon the assessee to show cause, on a date and time tobe specified in the notice, why the assessment should not be completed to the bestof his judgment :76. Prior to its omission, sub-section (5) was inserted by the Direct Tax Laws (SecondAmendment) Act, 1989, w.e.f. 1-4-1989.77. Omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Prior to its omission, Explanation wasinserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991 and later on amended by theFinance Act, 1994, w.e.f. 1-6-1994.78. For departmental instructions and relevant case laws, see Taxmann’s Master Guide toIncome-tax Act.79. Renumbered by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989.80. Substituted for “by any notice given under sub-section (2) of section 139” by the Direct TaxLaws (Amendment) Act, 1987, w.e.f. 1-4-1989.81. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.82. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.83. Substituted for “shall make the assessment”, ibid., w.e.f. 1-4-1989.84. For the meaning of the expression “make the assessment”, see Taxmann’s Direct TaxesManual, Vol. 3.85. Words “or refundable to the assessee” omitted by the Direct Tax Laws (Amendment) Act,1987, w.e.f. 1-4-1988.86. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.