Condonation of delay in filling I.T. returen under section 119(2)(b) of the I.T. Act, 1961 and allowance of refund-regarding.

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....g with the applications for condonation of delay in filing returns and claiming refund is presently governed by the Board's earlier orders/circulars issued under section 119(2)(b) of the Income-tax Act, 1961, namely, F. No. 225/208/93-ITA-II, dated 12-10-1993, read with Board's Circular No. 670, dated 26-10-1993 issued from F. No. 225/208/93-ITA-II and also Circular No. 8/2001, dated 16-5-2001 iss....

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....o vest the CCIT with the powers of acceptance/rejection of such applications/requests involving refund claims upto Rs. 5,00,000, and the decision of the CCIT would be final. The CIT will have the powers of acceptance/rejection in cases involving refund claims up to Rs. 1,00,000. However, cases involving refund claims exceeding Rs. 5,00,000 would continue to be processed by the Central Board of Dir....

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....om the return of income filed for the first time, then the CCIT will be empowered to direct the Assessing Officer to make a regular assessment under section 143(3) and then issue the refund, if any; (v) no claims under this provision will be entertained where a period of more than 6 assessment years prior to the current assessment year has elapsed; (vi) these instructions will cover the requests....