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Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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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