Can we get refund in assessment ?

CA Abhishek Singh (practice) (2106 Points)

20 November 2013  

Hello everyone,

 

one my client has been issued notice for assessment year 2011-12. Interest on borrowed capital for let out property was rs.500000/- but only 150000/- was claimed in the return of income.

 

Now time limit for filing revised return has also expired ( 1 year from the end of relevant assessment year i.e. 31.03.2013 or before completion of assessment - whichever is earlier)

 

. Is there any provision which allows for filing revised return and claiming refund in the assessment ? waiting for the views of the expert.