The assessee filed delayed return showing dividend income and long term capital gains as taxable income. The assessee realized her mistake on receipt of intimation under section 143(1) of the Act. The assessee filed an application under section 264 of the Act before the Commissioner of Income Tax  to rectify the said mistake of declaring exempted income as taxable and paying tax thereon. The CIT rejected the application of the assessee on the ground that the assessee has not filed revised application under section 139(5) of the Act for the claim in question. Such claim could not be allowed in application under section 264 of the Act.Hon’ble Calcutta High Court quashed the order passed by CIT rejecting the application filed by the assessee under section 264 of the Act by observing that the assessee made bonafide mistake of including exempt income in her return as taxable income and same could not be rectified by filing revised return as original return itself was filed belatedly. As, the assessee had no other remedy except taking recourse to file revision application under section 264, CIT could not have rejected revision application merely on ground that assessee failed to file revised return under section 139(5) of the Act. (AY. 2007-08,  2008-09)