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2015 (1) TMI 1383 - AT - Income TaxFinalization of assessment under section 143(3) denied - AO empowered to refund any amount due to the assessee as a consequence of assessment - Held that:- As section 143(3) of the Act stood for the assessment year 1989-90, there was no provision for refund after the regular assessment. In the present case, the assessment years involved are 2006-07 onwards, which pertain to period after section 143(3) of the Act was amended by the Finance Act (No.2) 1998 w.e.f. 01.10.1998. As per the amendment, the assessment under section 143(3) of the Act, inter-alia, envisages the Assessing Officer to grant refund of any amount due to the assessee consequent to the assessment and therefore, the Assessing Officer is statutorily empowered to determine the revised income which can be lower than the returned income. Therefore, the objection raised by the Revenue to the impugned order of CIT(A) is untenable in the eyes of the law, as it stood for the period under consideration. - Decided against revenue
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