Condonation of delay in tax claims now extends to carry forward of losses where other conditions are satisfied. The Board clarifies that its power to condone delay extends to belated claims for carry forward of losses as well as belated refund claims, provided the existing procedural conditions are satisfied: the refund must arise from excess tax deducted/collected or advance tax payments and fall within prescribed monetary limits for the assessment year; the claim must not be supplementary; and the income must not be assessable in another person's hands. Monetary limits and authority divisions that apply to refund condonation apply equally to carry forward claims.
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Condonation of delay in tax claims now extends to carry forward of losses where other conditions are satisfied.
The Board clarifies that its power to condone delay extends to belated claims for carry forward of losses as well as belated refund claims, provided the existing procedural conditions are satisfied: the refund must arise from excess tax deducted/collected or advance tax payments and fall within prescribed monetary limits for the assessment year; the claim must not be supplementary; and the income must not be assessable in another person's hands. Monetary limits and authority divisions that apply to refund condonation apply equally to carry forward claims.
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