Income Tax Assessment under section 143(1) of IT Act is like preliminary checking of the Income Tax Return. At this stage no detailed scrutiny of the Income tax return is carried out. At this stage, the total income (profit) or loss is computed after making the following adjustments (if any), namely:-
However, no such adjustments shall be made unless an intimation is given to the Income tax assessee of such adjustments either in writing or in electronic mode on income tax portal. Further, the any response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no any response is received within 30 (thirty) days of the issue of such intimation of section 143(1), such adjustments shall be made.
For the above purpose “an incorrect claim apparent from any information in the Income tax return” means a claim on the basis of an entry in the Income tax return:-
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