Demand issue
This query is : Resolved
shah parth
(Querist)
28 May 2012
IF THE DEMAND IS RAISED IN 143(1) INTIMATION AND LATER ON IF ASSESSMENT ORDER IS PASSED ACCEPTING THE RETURNED INCOME AS ASSESSED INCOME THAN WHETHER DEMAND UNDER 143(1) STANDS AS NIL OR STILL THAT DEMAND WILL BE THERE IN THE INCOME TAX WHICH CAN BE SET OFF AGAINST THE REFUND OF SUCCEEDING YEARS.
Soumitra Basu
(Expert)
29 May 2012
The Assessment under section 143(3) of the act shall always supersede the demand made in the intimation issued under section 143(1) of the Act. The actual demand shall stand as NIL. The question of adjusting the same with the subsequent year's refund shall not arise at all.
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