What will happen if I ignore the Tax Notice 143 (2)?

There are serious consequences of not responding to Tax Notice 143(2). Some are listed below:

Penalty on failure to respond - ₹10,000 u/s 272A
Best Judgement Assessment can be carried out by AO, resulting in increased taxable income
Contesting the best judgement tax demand can lead to paying part of the taxes anyway, before further appeal to any higher authority.
In serious cases, it may lead to prosecution and imprisonment too.

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