www.Aaptaxlaw.com
 
 
 

What is Notice deemed to be valid in certain circumstances? What is Presumption as to assets, books of account, etc? Section 292bb and 292C of Income Tax Act 1961

Notice deemed to be valid in certain circumstances and Presumption as to assets, books of account, etc are defined under section 292BB and 292C of Income Tax Act 1961. Provisions under these Sections are:

Section 292BB of Income Tax Act "Notice deemed to be valid in certain circumstances"

Section 292BB. Where an assessee has appeared in any proceeding or co- operated in any inquiry relating to an assessment or reassessment, it shall be deemed that any notice under any provision of this Act, which is required to be served upon him, has been duly served upon him in time in accordance with the provisions of this Act and such assessee shall be precluded from taking any objection in any proceeding or inquiry under this Act that the notice was-

 

(a) not served upon him; or
(b) not served upon him in time; or
(c) served upon him in an improper manner:
Provided that nothing contained in this section shall apply where the assessee has raised such objection before the completion of such assessment or reassessment.

Section 292C of Income Tax Act "Presumption as to assets, books of account, etc"

Section 292C. (1) Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search under section 132 or survey under section 133A, it may, in any proceeding under this Act, be presumed-

(i) that such books of account, other documents, money, bullion, jewellery or other valuable article or thing belong or belongs to such person;

(ii) that the contents of such books of account and other documents are true; and

(iii) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person's handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested.

(2) Where any books of account, other documents or assets have been delivered to the requisitioning officer in accordance with the provisions of section 132A, then, the provisions of sub-section (1) shall apply as if such books of account, other documents or assets which had been taken into custody from the person referred to in clause (a) or clause (b) or clause (c), as the case may be, of sub-section (1) of section 132A, had been found in the possession or control of that person in the course of a search under section 132.

Income Tax Act 1961

What is Provisional attachment to protect revenue in certain cases? What is the form of Service of notice generally? Section 281B and 282 of Income Tax Act 1961

What is Authentication of notices and other documents? What is Service of notice when family is disrupted or firm, etc., is dissolved? Section 282A and 283 of Income Tax Act 1961

What is Service of notice in the case of discontinued business? What is Submission of statement by a non-resident having liaison office? Section 284 and 285 of Income Tax Act 1961

What is Furnishing of information or documents by an Indian concern in certain cases? What is Submission of statements by producers of cinematograph films? Section 285A and 285B of Income Tax Act 1961

What is Obligation to furnish statement of financial transaction or reportable account? What is Publication of information respecting assessees in certain cases? Section 285BA and 287 of Income Tax Act 1961

What is Appearance by registered valuer in certain matters? What is Appearance by authorised representative? Section 287A and 288 of Income Tax Act 1961

What is Rounding off of income? What is Rounding off amount payable and refund due? Section 288A and 288B of Income Tax Act 1961

What is the meaning Receipt to be given? What is Indemnity? What is Power to tender immunity from prosecution? Section 289, 290 and 291 of Income Tax Act 1961

What is Cognizance of offences? Section 360 of the Crpc and the Probation of Offenders Act, 1958, not to apply? What is the meaning of Return of income, etc., not to be invalid on certain grounds? Section 292, 292A and 292B of Income Tax Act 1961

What is Notice deemed to be valid in certain circumstances? What is Presumption as to assets, books of account, etc? Section 29bb and 292C of Income Tax Act 1961

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap