New Delhi: The income tax department has asked taxpayers whose cases are under scrutiny to respond by March 31 failing which the department will decide the dispute on the basis of material on record.
"Gentle reminder to taxpayers whose cases are under scrutiny, to be completed by 31.03.2022! Pl ensure timely compliance with notices issued by ITD calling for information/details. Failure to comply with the notice may result in Best Judgment assessment based on material on record," the I-T department tweeted.
Under Section 144 of I-T Act, the tax authorities can make assessment of the total income or loss to the best of their judgment and determine the tax liability of the assessee.