Income Tax - Condonation of delay in filing refund claim and claim of carry forward of losses
CBDT has issued guidelines on the conditions for condonation and the procedure to be followed for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off.
1. The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr.CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such application/claims if the amount of such claims is not more than Rs.10 lakhs for any one assessment year. The Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax (Pr.CCsIT/CCsIT) shall be vested with the powers of acceptance/rejection of such application/claims if the amount of such claims exceeds Rs.10 lakhs but is not more than Rs.50 lakhs for any one assessment year. The applications/claims for amount exceeding Rs.50 lakhs shall be considered by the Board.
2. No condonation application for claim of refund/loss shall be entertained beyond six years from the end of the assessment year for which such application/claim is made.
3. In a case where refund claim has arisen consequent to Court order, the period for which any such proceedings were pending before any Court of Law shall be ignored.
4. The Board reserves the power to examine any grievance arising out of an order passed or not passed by the authorities mentioned above and issue suitable directions to them for proper implementation of this Circular. However, no review of or appeal against the orders of such authorities would be entertained by the Board.
CBDT Circular No. 09/2015., Dated: June 09, 2015