Condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b)

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..... nd Circular No. 670 dated 26th October, 1993 [F. No. 225/208/93/IT (A-II)] lay down procedure for condonation of delay in belated claims of refunds. These provide that CIT has power to condone delay in case of genuine hardship of refund claims up to Rs. 10,000 and CCIT up to Rs. 1,00,000. The power of condonation in cases of refund claims of more than Rs. 1,00,000 as well as power of rejection in .....

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..... additional amount of refund is made after the completion of the original assessment for the same assessment year; and (iv) the income of the assessee is not assessable in the hands of any other person under any of the provisions of the Act. 3. Subsequently the Karnataka High Court in the case of Associated Electro Ceramics v. Chairman, Central Board of Direct Taxes [1993] 201 ITR 501 held .....

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..... f carry forward of losses, both can be condoned in cases where returned income is a loss, provided other conditions are satisfied. The monetary limits prescribed for condonation of delay in making refund claims, by different IT authorities, will apply to condonation of delay in cases of claim of carry forward of losses as well. Circular : No. 8/2001, dated 16-5-2001. - Circular - Trade Notic .....

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