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Condonement of late filed itr carry forward business loss

renjith (service) (29 Points)

19 October 2016

Dear Sir,

We are a Private Limited company and have filed the 3CA & 3CD for the A.Y 2016-17 within the due date 17/10/2016.

However we could file the ITR showing carry forward business loss of 7 crore only after 12'o clock. There was a delay of half an hour which makes us ineligible to claim carry forward of business loss to subsequent year.
However we would like to claim that loss and want remedy so that this delay on our part is condoned.
We could not upload it on time due to some technical problem at the last moment.

Please advise on how we can do it.

(Also specify in case you are suggesting condonement u/s Section 119 as to which officer in CBDT is empowered to condone this delay? Is it the Chairman of CBDT himself or someone else?)

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1 Replies

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 19 October 2016

Yes, in your case you can apply for condonation of delay u/s 119(2)(b) of the act in filing return as it is a genuine case.
Though the Act empowers the CBDT, looking at the large number of cases, and the requirement of examining the issues on a case to case basis, the Board has delegated some of the powers to the Lower authorities.
Applications for dealing with applications for condonation of delay in filing returns and claiming refunds vide Instruction N o 12 of 2003 dt 30th October 2003 {(2003) 185 CTR (St) 83} the Board has delegated the powers of acceptance/rejection upto Rs. 100000 to the Commissioners and upto Rs.500000 to the Chief Commissioners. The Board has retained the powers in respect of claims exceeding Rs.500000 only with itself.
Waiver of interest under sections 234A, 234B and 234C : The powers have been delegated to the Chief Commissioners of Income Tax vide Notification F No 400/234/95-IT(B), dt. 23rd May 1996 which was further modified by Circular No 783 {(1999) 157 CTR (St) 107}
Thus the powers remaining with the Board are:
dealing with applications for condonotion of delay in filing returns and claiming refunds EXCEEDING RS.500000, and
relaxing the requirement contained in any provisions of Chapter IV or Chapter VIA, which have been caused due to the circumstances beyond the control of the assessee.