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Sec 245 and Still waiting for 143(1) ,, what's the reason behind this matter ???

PALASH (Nothing) (2000 Points)

27 July 2014

Respected Qualified Members of ICAI/ICMAI,,

Sec 245 already imposed by CPC Bangalore during initial assessment order of one of my client who is a chairman club member agent of LICI for a.y 2013-2014 , already 3 months expired but till now final intimation order not yet received.Actually it's a refund case and waiting for balance refund amount ( after adjustment of demand ) with interest and that's why i m waiting for ?

What's your opinion regarding this matter ?

Pls response as early as possible ...

Regards

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2 Replies

CA Santosh Dhumal (Practising CA.) (594 Points)
Replied 27 July 2014

First department will send intimation u/s 143(1). under which deparment assessee your income on provisional basis based on ROI. which resulting in either of 1)Demand or 2) No demand no refund or 3)Refund. Under provisional assessment deparment verify the mathmatical calculation and admisibility of Tax credit availed by assessee in ROI. and after assessment u/s 143(1). if there is refund determined by department same is 1) Paid to assessee along with interest calculated u/s 244A, provided there is no tax demand o/s for any preceeding year. or 2) Adjusted against such demand outstanding. In case of second case department is required to communicate the such adjustment with assessee for said adjustment in form of intimation u/s 245. In case receipt of intimation u/s 245. as you mentioed in the query. you have to communicate with judicial assesseeing officer for rectification for the assessment year for which demand pertains. and should not wait for the further communication in such relation.

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PALASH (Nothing) (2000 Points)
Replied 28 July 2014

I am not asking what is the definition of sec 245 ? i m asking for valid reasons of late response from CPC BANGALORE as initially already 3 months expired , ok , so pls go through my query once again.

Regards.