Demand issue

This query is : Resolved

shah parth (Querist)
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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

Soumitra Basu (Expert)
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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.