CBDT has issued circular 4/2012 on 20/06/2012 allowing Assessing Officers to rectify incorrect demands protested by Assessee's to be rectified even if period of Limitation for Rectification of 4 years as per S.154 of the Income tax Act,1961 has expired.
Further the Assessing Officers are directed to give effect of such rectification on Financial Accounting System (FAS) portal of CPC, Bengaluru and refund wrongly adjusted,if any please be allowed to Assessee's.
To read the notification, clink on the following link:
http://www.itatonline.org/info/index.php/adjustment-of-refunds-against-arrears-cbdt-circular/
Further the Assessing Officers are directed to give effect of such rectification on Financial Accounting System (FAS) portal of CPC, Bengaluru and refund wrongly adjusted,if any please be allowed to Assessee's.
To read the notification, clink on the following link:
http://www.itatonline.org/info/index.php/adjustment-of-refunds-against-arrears-cbdt-circular/
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