Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
This order authorizes Income-tax authorities to admit applications or claims for refund and carry forward of loss u/s 119(2)(b) of the Income-tax Act, 1961. It supersedes previous instructions and provides comprehensive guidelines on conditions for condonation and procedures. Principal Commissioners/Commissioners are vested with powers for claims up to Rs. 1 crore, Chief Commissioners for claims between Rs. 1-3 crores, and Principal Chief Commissioners for claims exceeding Rs. 3 crores per assessment year. No application beyond five years from the assessment year's end will be entertained. Authorities must ensure genuine hardship and reasonable cause for delay. Court proceedings' duration is excluded from the five-year period if the application is filed within six months of the order. Supplementary refund claims are admissible if conditions are met, but without interest. The order covers pending applications and allows the Board to examine grievances and issue directions.
This order authorizes Income-tax authorities to admit applications or claims for refund and carry forward of loss u/s 119(2)(b) of the Income-tax Act, 1961. It supersedes previous instructions and provides comprehensive guidelines on conditions for condonation and procedures. Principal Commissioners/Commissioners are vested with powers for claims up to Rs. 1 crore, Chief Commissioners for claims between Rs. 1-3 crores, and Principal Chief Commissioners for claims exceeding Rs. 3 crores per assessment year. No application beyond five years from the assessment year's end will be entertained. Authorities must ensure genuine hardship and reasonable cause for delay. Court proceedings' duration is excluded from the five-year period if the application is filed within six months of the order. Supplementary refund claims are admissible if conditions are met, but without interest. The order covers pending applications and allows the Board to examine grievances and issue directions.
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