Distinction between notice u/s 142(1) and u/s 143(2) - Income Tax - Ready Reckoner - Income Tax

Distinction between notice u/s 142(1) and u/s 143(2) S.No. Notice u/s 143(2) Notice u/s 142(1) 1. It is a notice for making assessment u/s 143(3) It is a notice to file return of income or produce accounts or documents or furnish information as the Assessing Officer may require. 2. Assessment can be made only if the notice under this section is served on the assessee. No assessment is possible by issue of this notice alone. 3. Time limit of 6 months from the end of the financial year in which return is furnished is prescribed for service of this notice. No time limit is prescribed for service of this notice 4. No approval required Approval of Joint commissioner necessary if statement of all assets and liabilities not included in accounts is required. 5. No Books of account can be asked Books of account can be asked for a maximum period of 3 years prior to the previous year. 6. Notice can be served only if the return of income has been furnished. Notice can be served even if no return of income is required. 7. Non-compliance of notice u/s 143(2) is not an offence. Hence, prosecution cannot be launched u/s 276D Non-compliance with a notice u/s 142(1) is an offence for which prosecution may be launched u/s 276D Note:- There is no sequence prescribed as to what manner notices u/s 142(1) and 143(2) are to be issued, therefore, there is nothing to say that notice u/s 142(1) should precede notice u/s 143(2) [ Orissa Rural Housing Development Corporation Ltd. v ACIT 2012 (11) TMI 764 - ORISSA HIGH COURT ].