https://www.taxtmi.com/caselaws?id=6120 SC allowed the appeals. The Court held that self-assessment and advance tax create a lawful liability and an assessee may claim refund of any excess tax paid, but under section 240 the refund is limited to tax paid in excess of the tax chargeable on the total income returned. Proviso (b) to s.240 is declaratory and retrospective, clarifying that where no fresh assessment is possible the revenue need not refund amounts beyond the excess on returned income. Revenue may, for calculating a s.240 refund, consider facts the assessee could have urged in assessment. en-us Thu, 08 May 2003 00:00:00 +0530 Sat, 04 Oct 2025 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6120 SC allowed the appeals. The Court held that self-assessment and advance tax create a lawful liability and an assessee may claim refund of any excess tax paid, but under section 240 the refund is limited to tax paid in excess of the tax chargeable on the total income returned. Proviso (b) to s.240 is declaratory and retrospective, clarifying that where no fresh assessment is possible the revenue need not refund amounts beyond the excess on returned income. Revenue may, for calculating a s.240 refund, consider facts the assessee could have urged in assessment. Case-Laws Income Tax Thu, 08 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6120