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TMI BlogProcessing of Return (Intimation) - Section 143(1)X X X X Extracts X X X X X X X X Extracts X X X X ..... s, to the returned income:- (i) any arithmetical error in the return; or (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return; or (iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified u/s 139(1) ; or (iv) disallowance of expenditure indicated in the audit report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the processing shall be carried out incorporating the adjustments. After processing, intimation shall be sent if there is refund/demand/adjustment in losses. Time Limit for issuing Intimation - Intimation shall be issued within 9 months from the end of FY in which return was filed. [Amendment by Finance Act, 2021 ] Meaning of Specified term - an incorrect claim apparent from any information in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cases However, to address the concern of recovery of revenue in doubtful cases, section 241A provides that, for the returns furnished for AY 2017-18 or thereafter, where refund of any amount becomes due to the assessee u/s 143(1) and the AO is of the opinion that grant of refund may adversely affect the recovery of revenue, he may, for the reasons recorded in writing and with the previous approva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... becomes due to a person, and the Assessing Officer, having regard to the fact that proceedings for assessment or reassessment are pending in the case of such person, is of the opinion that the grant of refund is likely to adversely affect the revenue, he may, for reasons to be recorded in writing and with the previous approval of the Principal Commissioner or the Commissioner, as the case may be, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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