Refund timing clarified: refunds arise only after a fresh assessment or limited to excess tax paid on returned income. Amendment adds a proviso to section 240 making refunds due only upon making a fresh assessment when an assessment is set aside or cancelled, and limiting refunds after annulment to the amount of tax paid in excess of the tax chargeable on the total income returned by the assessee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Refund timing clarified: refunds arise only after a fresh assessment or limited to excess tax paid on returned income.
Amendment adds a proviso to section 240 making refunds due only upon making a fresh assessment when an assessment is set aside or cancelled, and limiting refunds after annulment to the amount of tax paid in excess of the tax chargeable on the total income returned by the assessee.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
