Condonation of delay in filing roi in case of sec 139(3).

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 If Mr.A had not filed ROI For last A.Y. and it had loss from business or profession. so it will not be carried forward as per section 139(3) read with sec 80 in current year but in same section there is one more provision in which the condonation of delay is allowed. which are those cases???? and what are the procedures to be followed for that???

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 July 2013 That condition (ie.,time extension in section 80) is withdrawn from the statute by Direct Tax Laws (Amendment) Act,1987 w.e.f 1-4-1989.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 Thank You Sir for your reply.. but in latest book it is given with the limits i.e If returned loss is upto 10,000 CIT Can condone. If more than 10,000 and upto 10,00,000 Cheif CIT Can condone and If more than 10,00,000 CBDT Can condone..Please reply me whats that regarding to??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 July 2013 Please give the reference of the book wherein you have found these conditions.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 Vinod Gupta

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 Vinod Gupta

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 July 2013 Yes ie., as section 119 (2)(b).
CIT/CCIT/CBDT has power to condone the delay in genuine cases vide circular No. 8/2001, dated 16-5-2001.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 but Sir that means under normal circumstances we cant carried forward that loss

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

29 July 2013 if return is not filed in time as required under u/s 139 then loss cannot be carried foward.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 but in that book this condonation of delay provision is given in same section i.e: under sec 139(3)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

29 July 2013 only CBDT has the power u/s 119(2) to grant condonation in special cases subject to conditions as attached by them to be fulfilled as attached with such condonation.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now