CBDT unveils new guidelines on condoning delay in filing returns involving refund claims or unabsorbed losses
The CBDT has issued Circular No. 9/2015 dated 9th June 2015 which deals with the issue of condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Income-tax Act. The said Circular contains containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters. The circular states that to claim refund of previous period which is limited to 6 assessment years by making an application to Principal Commissioners of Income Tax/CsIT , the power vested in Pr.CsIT/CsIT if amount of Tax refund is not more than Rs. 10 Lakh for any assessment year and for the cases of tax refund of not more than Rs. 50 Lakh in any assessment year the power vested in the Principal Chief Commissioners of Income Tax/Chief Commissioners of Income tax(PLCCsIt/CCsIT) and if refund amount exceeds Rs.50Lakh in any assessment year the application considered by board. The application should be disposed o...