As per Instruction No. 225/228/93-IT (A-II) dated 12.10.93 the assessee may file claim of refund before the A.O. after expiry of time limit prescribed u/s 139(4).
As per the said instruction, following four conditions are required to be satisfied to avail the benefit-
(i) Refund amount does not exceed Rs. 5 lacs (Earlier, it was Rs. 1 lac )
(ii) There is no claim for carry forward of loss.
(iii) There is no claim for additional refund after completion of original assessment.
(iv) Income is not assessable in the hands of any other person (eg. Minor)
