Sunday, December 03, 2006

Shifting your tax assessments

Section 127 of the Income-tax Act, 1961, confers power on the tax department to transfer the cases of an assessee at the discretion of the competent authority when it is felt necessary to do so in the interests of the revenue and for proper assessment of tax and collection thereof. The discretion is not guided or controlled by the provisions of section 124. Section 124 is a provision defining the jurisdiction in normal circumstances, whereas section 127 can be attracted only when it is felt by the commissioner or the Central Board of Direct Taxes or the competent authority that it is proper or appropriate to exercise power under the provisions of the Act. .

Read More

0 Comments:

Post a Comment

<< Home