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
Indranil (Chartered Accountant) (177 Points)
18 May 2014hello 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
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 19 May 2014
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.
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