Prescribed authority u/s 143(2) Notified -New Rule 12E of Income Tax Rules

By | November 17, 2016

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 16th November, 2016

G.S.R. 1073(E).—In exercise of the powers conferred by section 295 read with sub-section (2) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax (31st Amendment) Rules, 2016.

(2) They shall come into force on the date of publication in the Official Gazette.

2. In the Income-tax Rules, 1962, after rule 12D, the following rule shall be inserted, namely:-

“12E. Prescribed authority under sub-section (2) of section 143.—The prescribed authority under sub-section (2) of section 143 shall be an income-tax authority not below the rank of an Income-tax Officer who has been authorised by the Central Board of Direct Taxes to act as income-tax authority for the purposes of sub-section (2) of section 143.”

[Notification No. 105 /2016/F. No. 142/8/2014-TPL]

Dr. T. S. MAPWAL, Under Secy.

Note : The principal rules were published vide Notification S.O. 969(E), dated 26th March, 1962 and last amended vide Notification G.S.R. 1068(E), dated 15th November, 2016.


Extract of Section 143 (2) of Income Tax Act [Substituted by the Finance Act, 2016, w.e.f. 1-6-2016

*[(2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer or the pres-cribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, shall serve on the assessee a notice requiring him, on a date to be specified therein, either to attend the office of the Assessing Officer or to produce, or cause to be produced before the Assessing Officer any evidence on which the assessee may rely in support of the return:

Provided that no notice under this sub-section shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished.


Note :on Section 143(2) of Income Tax Act

*Substituted by the Finance Act, 2016, w.e.f. 1-6-2016. Prior to its substitution, sub-section (2), as amended by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, Finance (No. 2) Act, 1991, w.e.f. 1-10-1991, Finance Act, 2002, w.e.f. 1-6-2002, Finance Act, 2003, w.e.f. 1-6-2003 and Finance Act, 2008, w.e.f. 1-4-2008, read as under :

“(2) Where a return has been furnished under section 139, or in response to a notice 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, serve on the assessee a notice specifying particulars of such claim of loss, exemption, deduction, allowance or relief and require him, on a date to be specified therein to produce, or cause to be produced, any evidence or particulars specified therein or on which the assessee may rely, in support of such claim:
Provided that no notice under this clause shall be served on the assessee on or after the 1st day of June, 2003;
(ii) notwithstanding anything contained in clause (i), if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, serve on the assessee a notice requiring him, on a date to be specified therein, either to attend his office or to produce, or cause to be produced, any evidence on which the assessee may rely in support of the return:
Provided that no notice under clause (ii) shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished.”

 

One thought on “Prescribed authority u/s 143(2) Notified -New Rule 12E of Income Tax Rules

  1. Pingback: Section 143(2) of Income Tax Act w.e.f. 1-6-2016 | Tax Heal

Leave a Reply