CBDT circular on condonation of delay in furnishing ITR by Co-operatives

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Radhakrishnan K.V. (Querist)
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28 July 2023 CBDT in the circular No. 13/2023 dated 26/07/2023 has allowed CCsITs to grant codonation of delay in furnishing ITR by Co-operatives for the AYs- 2018-19 to 2022-23. My doubt is that since the assessment for the AYs-2018-19 to 2021-22 are barred by limitation of time as per Section 153 what purpose would be served by filing return for these years, other than claiming refund if any and certain exemption u/s 194N?
Experts, please comment as your valuable suggestions would help the co-operative community all over India.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2023 Co-operatives are under the state government control for appointment of auditors. There is delay in completion of audit and filing of return. Elected body control the activities of co-op so there is some mal practices/functions leading to non finalisation accounts in time .
The Central Board of Direct taxes and Customs (CBDT) has authorised the Chief Commissioner of Income Tax and Directorate General of Income Tax to condone delay in filing income tax return for cooperative society.
The authorisation was given to reduce pendency of application and will be applicable for tax returns filed for Assessment Year 2018-19 to Assessment Year 2022-23.
The board has prescribed three months as preferable time for disposal of applications while adhering to the principles of natural justice.
"CCIT/DGIT are required to admit all pending and new applications and decide them on merits, in accordance with the law where such a person is required to get his accounts audited under respective State Laws," CBDT said in a circular dated July 26.
The official has to consider if the delay in furnishing the return of income within the due date was caused due to circumstances beyond the control of the assessee or due to delay in getting the accounts audited by statutory auditors appointed under the respective State Law.

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