CBDT has issued a circular No.9/2015 on 9th
June,2015 for condonation of delay in tiling returns claiming refund and
returns claiming carry forward & set off of loss. This Circular is
containing guidelines for refunds of Income Tax and conditions for condonation of delay of claiming refunds and the
procedure for such matters. Brief of the circular for the interest of assessee is as under:
Ø No
condonation application for claim of refund/loss to be entertained beyond
six years.
Ø A
condonation application to be disposed of within six months from the end of
the month in which the application is received by the department.
Ø In a
case where refund claim consequent to a Court order, the period for which any
such proceedings were pending before any Court of Law shall be ignored for 6
years calculation provided such condonation application is filed within six
months from the end of the month in which the Court order was issued or the end
of financial year whichever is later.
In case of returns claiming refund and supplementary
claim of refund would be subject to the following further conditions;
Ø The income of the assessce is not assessable in the hands of any other person under any of the provisions of the Income
Tax Act,
Ø No interest will be admissible on
belated claim of refunds.
Ø The refund is consequent to the excess
of TDS/TCS and/or excess advance tax
payment and/or excess payment of self assessment lax as per the provisions of
the Act.
