Circular No. 7/2014 — Condoning delay in filing returns — liberalization
Date: 2014-09-26 Status: ACTIVE Category: Search & Seizure / Assessment Binding on Department: Yes (Section 119 / Section 400 IT Act 2025)
Summary
Guidelines for condonation of delay in filing returns of income and claims for refund/carry forward of losses. Specifies monetary limits and authorities competent to condone delay.
Key Directions
- PCIT/CIT may condone delay for claims up to Rs. 50 lakhs.
- CBDT to condone delay for claims exceeding Rs. 50 lakhs.
- Application must be genuine and supported by reasonable cause.
- Time limit for making application: 6 years from end of relevant AY.
Applicability Under IT Act 2025
Saving Clause: Section 536 of IT Act 2025 saves circulars issued under the 1961 Act “so far as not inconsistent” with the new Act.
| Old Section (1961 Act) | New Section (2025 Act) | Consistent? |
|---|---|---|
| 119(2)(b) | 400(2)(b) | Yes |
Cross-References
Act Sections
Related Circulars
- None identified
Key Case Law (Circular Supremacy)
- To be populated — cases where this circular was cited/applied
Full Text
Full text to be added — see raw/circulars/ for PDF when available
Source
- Official: incometaxindia.gov.in/circulars