CBDT revises monetary limits for condonation of delay in filing refund claim & c/f of losses

CBDT revises Monetary limits for Condonation of delay in filing refund claim & c/f of losses under Section 119(2)(b)

Circular No. 07 of 2023

F. No. 312/63/2023-OT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, dated 31st May, 2023

Subject: Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2I1b) of the Income-tax Act, 1961

Circular No. 09 of 2015 (the Circular) dated 09-06-2015 in F. No. 312/22/2015-OT by Central Board of Direct Taxes (the Board) was issued in supersession of all earlier Instructions/Circulars/Guidelines. The Circular prescribed comprehensive guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay in filing Returns of Income (RsOI) claiming refund and RsOI claiming carry forward of loss and set- off thereof under section 119(2)(b) of the Income-tax Act, 1961.

2. On consideration, the monetary limits specified in Para No. 2 of the Circular are modified as under:

(i) The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such applications/ claims if the amount of such claims is not more than Rs. 50 lakhs for anyone assessment year.

(ii) The Chief Commissioners of Income-tax (CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs. 50 lakhs but is not more than Rs. 2 crores for any one assessment year.

(iii) The Principal Chief Commissioners of Income-tax (Pr. CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs. 2 crores but is not more than Rs. 3 crores for anyone assessment year.

(iv) The applications/claims for amounts exceeding RS. 3 crores shall be considered by the Board.

3. The above revised monetary limits for applications/claims in respect of the competent authorities specified hereinabove shall be applicable to the applications/ claims filed on and after 01-06-2023.

4. The other guidelines prescribed in Circular No. 09 of 2015 dated 09-06-2015 shall remain unchanged.

(Bedobani Chaudhuri)
Director (OT & WT)

Download CBDT Circular No. 07/2023 Click Here >>

• Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
• Mutual Funds to value physical Gold and Silver by using the polled spot prices
• SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
• Merely because sales were declared for only one month, same cannot be treated as bogus
• ITAT deleted addition as method of accounting had been accepted in earlier years