hello friends,
A simple reading of Sec 240 says that an order of appeal or "any other proceedings under the act" shall provide if any refund.
My question is:
Is sec 147 income escaping assessment is covered under such section?
THANKS AND REGARDS
Menu
Implication of sec 240
Replies (1)
section 147 is meant for finding any income that has escaped assessment. therefore, the returned income of the assessee normally increases under this section if any income escaping assessment has been found. however, if the assessee has filed return claiming refund and the AO sends him notice u/s 148 for assessment u/s 147, and thereafter AO does not find any income escaping assessment, then such refund claim shall be allowed.
Recent Topics :
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
Related Topics :
CAclubindia
