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TMI BlogComprehensive guidelines to be followed for Condonation of delay in filing refund claim and claim of carry forward of losses u/s 119(2)(b) of the Income-tax ActX X X X Extracts X X X X X X X X Extracts X X X X ..... nd and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act (the Act), the present Circular is being issued containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters. 1 [2. (i) The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr, CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims is not more than Rs.50 lakhs for any one assessment year. (ii) The Chief Commissioners of Income-tax (CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laims will be subject to following conditions: i. At the time of considering the case under Section 119(2)(b) , it shall be ensured that the income/loss declared and /or refund claimed is correct and genuine and also that the case is of genuine hardship on merits. ii. The Pr.CCIT/CCIT/Pr.CIT/CJT dealing with the case shall be empowered to direct the jurisdictional assessing officer to make necessary inquiries or scrutinize the case in accordance with the provisions of the Act to ascertain the correctness of the claim. 6. A belated application for supplementary claim of refund (claim of additional amount of refund after completion of assessment for the same year) can be admitted for condonation provided other conditions as referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions 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. [F. No. 312/22/2015-OT] Ekta Jain Deputy Secretary to Government of India Notes: 1. Modified vide Circular dated 31-3-2023 , before it was read as- 2. 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 ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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