Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2018-19 and subsequent years.
In exercise of the powers conferred under section 119(2) of the Income-tax Act, 1961 (hereinafter referred to as ‘Act’), the Central Board of Direct Taxes (CBDT) by Circular No. 19/2020 dated 3rd November, 2020 issued by F.No. 19711 35/2020-ITA-I has directed that: –
(i) In all the cases of applications for condonation of delay in filing of Form No. 10BB for years prior to A Y. 2018- 19, the Commissioners of Income-tax are authorized to admit applications for condonation of delay u/s 119(2)(b) of the Act. The Commissioner while entertaining such applications regarding filing Form No. 10BB shall satisfy themselves that the applicant was prevented by reasonable cause from filing such Form within the stipulated time.
(ii) where there is delay of upto 365 days in filing Form No. 10BB for Assessment Year 2018-19 or for any subsequent Assessment Years, the Commissioners of Income-tax are authorized to admit such applications of condonation of delay under section 119(2) of the Act and decide on merits.
- Further to the powers delegated to the field authorities as discussed above, the CBDT hereby directs that where there is delay of beyond 365 days upto three years in filing Form No. 10BB for Assessment Year 2018-19 or for any subsequent Assessment Years, the Pr. Chief Commissioners of Income-tax 1 Chief Commissioners of Income-tax are authorized to admit such applications of condonation of delay under section 119(2) of the Act and decide on merits.
- The Pro Chief Commissioner I Chief Commissioner or Commissioners of Income-tax, as the case may be, while entertaining such applications for condonation of delay in filing Form No. 10BB, shall satisfy themselves that the applicant was prevented by reasonable cause from filing such Form within the stipulated time.
- Further, the Pro Chief Commissioner / Chief Commissioner of Income-tax, as the case may be, shall preferably dispose the application within three months of receipt of the application.
Also Read:
- Section 194S: Payment on transfer of virtual digital asset
- New sections on Virtual Digital Assets under the income tax
- Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961
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