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TMI BlogOrder authorizing Income-tax authorities to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2024 Sub: Order authorizing Income-tax authorities to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income-tax Act, 1961 reg. In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs. 1 crore but is not more than Rs. 3 crores for any one assessment year. (iii) The Principal Chief Commissioners of Income-tax (Pr. CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs. 3 crores for any one a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving powers to condone the delay as per the above prescribed monetary limits. A condonation application should be disposed of, as far as possible, within six months from the end of the month in which the application is received by the competent authority. 4. In view of the amendment in Section 139(9A) of the Act vide Finance Act, 2024 , the powers of acceptance/rejection of the application within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the said period of five years, provided such condonation application is filed within six months from the end of the month in which the Court order was issued or the end of financial year whichever is later. 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 oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 119(2)(b) of the Act which are pending as on the date of issue of the Circular i.e. 01.10.2024. 8. The Board reserves the power to examine any grievance arising out of an order passed or not passed by the authorities mentioned in para 2 above and issue suitable direction to them for proper implementation of this Circular. (Ashish Kumar Agrawal) Deputy Secretary to Government of India - Circula ..... X X X X Extracts X X X X X X X X Extracts X X X X
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