Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
