Amended and updated notes on section 242 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Correctness of assessment not to be questioned.
Recommended read: Corresponding Section 436 of the Income Tax Act 2025.
Chapter XIX (Sections 237 to 245) of the Income Tax Act 1961 deals with the provisions related to refunds. Section 242 of IT Act 1961 provides for Correctness of assessment not to be questioned.
Recently, we have discussed in detail section 241A (Withholding of refund in certain cases) of IT Act 1961. Today, we learn the provisions of section 242 of Income-tax Act 1961. The amended provision of section 242 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 242 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-242: Correctness of assessment not to be questioned
In a claim under this Chapter, it shall not be open to the assessee to question the correctness of any assessment or other matter decided which has become final and conclusive or ask for a review of the same, and the assessee shall not be entitled to any relief on such claim except refund of tax wrongly paid or paid in excess.
