Tax Board Can Condon Delays in Refund Claims and Loss Carry Forwards u/s 119(2)(b) of Income Tax Act.

The circular addresses the condonation of delays in filing refund claims and claims for carrying forward losses under section 119(2)(b) of the Income Tax Act. The Board has the authority to condone delays for refund claims up to Rs. 10,000 by CIT and up to Rs. 1,00,000 by CCIT, with higher amounts requiring Board approval. The Karnataka High Court ruled that the Board can condone delays for claims involving the carry forward of losses. Consequently, the Board clarified that delays in refund claims and carry forward of losses can be condoned even if the returned income is a loss, subject to other conditions.

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