Processing of return.

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..... computed after making the following adjustments, namely:— (i) any arithmetical error in the return; or (ii) an incorrect claim, if such incorrect claim is apparent from the existence of any information in the return; (b) the tax and interest, if any, shall be computed on the basis of the tax base computed under clause (a); and (c) the sum payable by, or the amount of refund due to, the assessee s .....

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..... able on account of any adjustment made under sub-section (1), if the return is processed after the expiry of a period of twelve months from the end of the financial year in which the return is furnished. (5) The acknowledgement of the return shall be deemed to be the intimation in a case where no sum is payable by, or refundable to, the assessee under clause (c) of sub-section (1), and where no ad .....

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