Exploring Provisions and Procedures for Condonation of Delay | #condonation
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In this section, we delve into the nitty-gritty of provisions and procedures underpinning the condonation of delay as delineated by the Limitation Act, 1963, the Companies Act, 2013, and the Income Tax Act, 1961. A nuanced understanding of these intricacies is indispensable for parties seeking redressal from delayed filings and ensuring adherence to legal requisites.
Condonation of Delay Under Various Acts:
Limitation Act, 1963: Section 5 vests courts with discretion to accept filings beyond stipulated time limits upon establishing sufficient cause. The term 'sufficient cause' remains intentionally nebulous, affording flexibility in adjudicating unique circumstances.
Companies Act, 2013: Section 460 streamlines condonation of delay for company filings. The process entails initiating a board resolution, submitting applications to the Central Government, and meticulously adhering to requisite formalities.
Income Tax Act, 1961: Section 119(2)(b) entrusts tax authorities with the prerogative to condone delays for taxpayers facing genuine hardships. The procedural gamut involves furnishing a written explanation elucidating reasons for the delay and procuring endorsement from the Central Board of Direct Taxes (CBDT).
Procedures for Seeking Condonation:
The procedural labyrinth for seeking condonation of delay encompasses initiating a board resolution, deputing an authorized representative, furnishing requisite forms and documents,?government scrutiny, and eventual filing with the pertinent regulatory authority.
Government Schemes for Relief:
Assorted government schemes, such as the Company Law Settlement Scheme and Companies Fresh Start Scheme, endeavor to furnish additional respite to entities contending with delayed filings by abating or mitigating penalties.
Conclusion?
Comprehending the provisions and procedures undergirding condonation of delay across diverse legal frameworks is indispensable for parties endeavoring to seek succor from delayed submissions. By meticulously adhering to stipulated processes and leveraging extant schemes, individuals and entities can assuage the harmful fallout of delayed filings and adroitly uphold their legal obligations.
Conclusion (Overall):
Grasping the nuances of condonation of delay imparts potent agency to parties in deftly navigating legal vicissitudes, thereby ensuring unfettered access to justice and procedural equitability. By cognizantly recognizing the import of condonation provisions across multifarious legislations and assiduously adhering to prescribed protocols, individuals and entities can effectively mitigate the pernicious ramifications of delayed submissions while fervently upholding their legal prerogatives and obligations.
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