On the receipt of an income tax return, the Assessing Officer sends an intimation, if any modification is made to the income returned. Under the new procedure the income of an individual taxpayer in about 97% of cases is normally to be accepted without scrutiny and without calling for examination of the books of accounts, etc. Hence, a nonresident Indian must exercise utmost care in filing the return of income so that it can be accepted by the Assessing Officer under Section 143(1). Thus in about 97% of the cases the acknowledgment slip serves the purpose of an assessment order under Section 143(1). In very selected cases there is a procedure of detailed scrutiny . The Finance Act, 1999 had from 1.6.1999 taken away the power of the Assessing Officer to make adjustment while making a provisional assessment under Section 143(1). The Finance Act, 2001 has taken away the power of A.O. to withhold refund under Section 241. |
