Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
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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