The leave encashment on retirement exemption limit is since raised from 3 lacs to 25 lacs from 01/04/2023. But various income tax tribunals have decided to apply this provision for earlier Assessment years also.
I too want to claim refund of income tax paid in excess of 3,00,000 of leave encashment for AY 2019-20 by seeking condonation request from CIT under 119(2)(b).
My query is under:
1) Whether I can file condonation request now because sixth year after close of AY 2019-20 is running now. CBDT has reduced time limit from 6 years to 5 years wef October 2024. Whether time limit of 5 or 6 years will be applicable in my case.
2) If can file now, whether application can be sent directly to Commissioner of Income tax or through my juridictional AO only.
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