Condonation of delay in filing IT return u/s 119 ? CBDT instructions
The CBDT instructs that
1. No fresh application for claim of refund will be entertained beyond six years from the end of the assessment year for which the application/claim is made.
2. The amount of refund should not exceed Rs.50 Lakhs in respect of Chief Commissioners and Rs 10 Lakhs for Commissioners.
3. No interest will be admissible on the belated refund claims.
INSTRUCTION NO , Dated: December 22, 2006