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of <h1>New Guidelines for Delayed Tax Refunds and Loss Claims u/s 119(2)(b) with Authority Levels and Conditions.</h1> The circular outlines guidelines for condoning delays in filing refund claims and carry forward of losses under Section 119(2)(b) of the Income-tax Act. It designates authority levels for handling claims based on monetary thresholds, with Principal Commissioners handling claims up to Rs. 50 lakhs, Chief Commissioners up to Rs. 2 crores, and Principal Chief Commissioners up to Rs. 3 crores. Claims exceeding Rs. 3 crores are reviewed by the Board. Applications must be filed within six years of the relevant assessment year, with exceptions for court-related delays. The circular also specifies conditions for assessing the genuineness of claims and supplementary refund applications.
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