Mr. Sharma, a middle-aged man with a small business of traditional Indian clothing, was engrossed in paperwork. He had received a notice from the Assessment Officer (AO) of the Income Tax Department. His case fell under section 142 of the Income Tax Act.

Reading through the notice, it stated that since he had not submitted his income tax return under Section 139 within the allowed time, he was required to furnish information. He had to submit a return of his income or the income of anyone else under his assessment.

In addition, he was expected to provide his business's account details and other required documents. He was also asked to provide a statement outlining his overall assets and liabilities, whether it was included in the accounts or not.

Sharma had always been a law-abiding citizen and had no intention of slipping from his principled ways. The clock was ticking and he had to get going.

He started his day by calling his accountant, explaining the situation, and asking for the necessary documents. The accountant promised to prepare everything by the end of the day.

Concurrently, he contacted his lawyer to understand the legal aspects and counter-check the documents to ensure all was in order. The lawyer promised to visit him the following day.

While his team was on it, Sharma decided to work on his part of the fax. It was indeed a stressful task. It's not just about the tax payment, but the other components, the sub-sections and clauses one has to understand.

He started by compiling the financial transactions of the past year. He sorted out the sales receipts, purchases, salaries, and other miscellaneous expenses.

This was followed by an exhaustive list of the assets and liabilities. He included everything from land and buildings to office equipment and pending loan payments.

By evening, the accountant had sent the necessary documents. Sharma gave it an initial review and found it to be satisfactory, but, it needed a legal perspective.

The next day, his lawyer arrived. They spent hours discussing the legal aspects of the query. The lawyer checked the compiled documents and pointed out a few things to be amended.

The actual task began after the lawyer left. He had to enter all the data in the prescribed format. It was indeed a tiring task. His room was now filled with scattered papers, calculations, and a laptop in the middle.

He spent the next couple of days analyzing, entering data, cross-checking, and finally preparing a statement that was ready for submission. He was relieved but waited for the lawyer's final approval.

After hearing a positive response from his lawyer, Sharma felt a burden lift off his shoulders. He submitted the documents online and sent a copy via post, just like the lawyer advised.

The following week, he received an acknowledgement from the AO. He appreciated his quick and prompt response and assured him of a speedy assessment process. He sighed relief, knowing he had done his part right.

In conclusion, section 142 of the Act is meant to ensure that everyone pays their taxes in the prescribed manner. By responding quickly, Mr. Sharma was able to fulfill his tax obligations and continue his business without worry.