Income-tax Act,1961
Act No : 43
Section :
Provisional assessment.
[141. Provisional assessment.-Omitted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971.] 1[141A. Provisional assessment for refund.-Omitted by the Direct Tax ---------------------------------------------------------------------- 1 Prior to the omission, section 141A, as amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971; Finance Act, 1974, w.e.f. 1-4-1975; Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976; Finance Act, 1976, w.e.f. 1-4-1976 and the Finance Act, 1988, w.e.f. 1-4-1988, read as under: "141A. Provisional assessment for refund.-(1) Where a return has been furnished under section 139 and the assessee claims that the tax paid or deemed to have been paid under the provisions of Chapter XVIIB or Chapter XVIIC, exceeds the tax payable on the basis of the return and the accounts and documents accompanying it, the Assessing Officer, if he is of the opinion that the regular assessment of the assessee is not likely to be made within six months from the date of furnishing of the return, shall make in a summary manner within the said six months a provisional assessment of the sum refundable to the assessee, after making such adjustments to the income or loss declared in the return as are required to be made under sub-section (2) with reference to such return, accounts and documents, and for the purposes of the adjustments referred to in clause (iv) of sub-section (2), also with reference to the records of the assessments, if any, of past years. (2) In making any assessment under this section, the Assessing Officer shall make the following adjustments to the income or loss declared in the return, that is to say, he shall- (i) rectify any arithmetical errors in the return accounts and documents refer-red to in sub-section (1); (ii) allow any deduction, allowance or relief which, on the basis of the information available in such return, accounts and documents is, prima facie, admissible, but is not claimed in the return; (iii) disallow any deduction, allowance or relief claimed in the return which, on the basis of the information available in such return, accounts and documents, is, prima face, inadmissible; (iv) give due effect to the allowance referred to in sub- section (2) of section 32, the deduction referred to in clause (ii) of sub-section (3) of section 32A or clause (ii)of sub-section (2) of section 33 or clause (ii) of sub- section (2) of section 33A or clause (i) of sub-section (2) of section 35 or sub-section (1) of section 35A or sub- section (1) of section 35D or sub-section (1) of section 35E or the first proviso to clause (ix) of sub-section (1) of section 36, any loss carried forward under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A and the deficiency referred to in sub-section (3) of section 80J, as computed, in each case, in the regular assessment, if any, for the earlier assessment year or years. (3) A firm may be assessed under sub-section (1) as an unregistered firm, except in the following cases, where it shall be assessed as a registered firm- (a) where the firm was assessed as a registered firm for the latest assessment year for which its assessment has been completed, and it has before the expiry of the period laid down in Chapter XVIB filed its application for registration or declaration under sub-section (7) of section 184 for the assessment year for which the provisional assessment is to be made; (b) where no regular assessment has been made on the firm for any assessment year preceding the assessment year for which the provisional assessment is to be made, and the firm has before the expiry of the period laid down in Chapter XVIB filed its application for registration or declaration as aforesaid, for the assessment year for which the provisional assessment is to be made. ----------------------------------------------------------------------- 1.532 Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. It was inserted by the Finance Act, 1968, w.e.f. 1-4-1968. Original section was inserted by the Finance Act, 1963, w.e.f. 1-4-1963 and omitted by the Finance Act, 1964, w.e.f. 1-4-1964.]
Read All Comments
