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CBDT revamps refund claims procedure; No interest on belated refund claims; No refund claims to be entertained beyond six years period.

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....procedure for dealing 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 dated 12.10.1993 read with Board's Ci....

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....r Section 119(2)(b) for condonation of delay involving refund claims exceeding Rs.50,00,000/- would continue to be processed by Central Board of Direct Taxes, both for acceptance and rejection. 4. No fresh application for claim of refund will be entertained beyond six years from the end of the assessment year for which the application/claim is made. 5. The powers of acceptance/rejection within t....