Analysis of CBDT Circular No. 09/2015, Dated : June 9, 2015 on Condonation of Delay in Filing Refund Claim and Claim of Carry Forward of Losses
No Condonation for claim of refund or loss shall be entertained beyond six years from the end of the assessment year for which application or claim is made. The limit of six years is uniform for all authorities considering the application or claim.
In case where refund claim has arisen consequent to a Court Order, the period for which any such proceedings were pending before any Court of Law shall be ignored while calculating the said period of six years, provided such Condonation application is filed within six months from the end of the month in which such Court Order was issued or the end of financial year, whichever is later.
A belated application for claim of additional amount of refund after completion of assessment for the same year (Supplementary claim of refund) can be admitted subject to conditions.
In the case of an applicant who has made investment in 8% (Taxable) Bonds, 2003 issued by the Government of India opting for scheme of cumulative interest on maturity but accounted interest earned on accrual basis and the intermediary bank at the time of maturity has deducted tax at source on the entire amount of interest paid without apportioning the accrued interest and TDS over financial years involved, the time limit of six years for making such refund claim will not apply.
The Powers of acceptance or rejection of application for Condonation subject to the following conditions:
Monetary Limits and Authority for Condonation of delay:
|Monetary Limit||Authority for considering Condonation Application/Claim|
|Up to Rs. 10 Lakhs ( For One Assessment Year)||Principal Commissioner / Commissioner of Income Tax(Pr.CIT/CIT)|
|More than Rs. 10 Lakhs but not more than Rs. 50 Lakhs ( For One Assessment Year)||Principal Chief Commissioner / Chief Commissioner of Income Tax(Pr.CCIT/CCIT)|
|More than Rs. 50 Lakhs||CBDT|
Time Limit for Disposal of application:
Application for Condonation should be disposed of within in six months from the end of the month in which the application is received by the competent authority as far possible.
Note: This circular is equally applicable to applications or claims for Condonation of delay pending on the date of issue of this circular (09/06/2015).