In the return of income, the assessee had not claimed deduction u\/s 54F of the Act. The return was processed u\/s 143(1) of the Act.\u00a0 The assessee filed a revision application and claimed deduction under section 54F of the Act. CIT rejected the application. On writ, allowing the petition, the Court held that revisional powers under section 264 are not only wider in their scope but are also intended for preventing miscarriage of justice and providing relief to the assessee, to which it is otherwise entitled. The order of commissioner set aside\u00a0 and directed the The Principal Commissioner to \u00a0consider the application of the assessee with respect to the errors or mistakes committed by the assessee in the return of income and grant relief as claimed, if tenable in law providing an effective opportunity of hearing to the assessee with adequate advance notice and decide the revision application in accordance with law. The assessee shall be entitled to submit his explanation, documentary evidence and submissions before the Principal Commissioner. (AY. 2022-23)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 264: Commissioner-Revision of other orders-Capital gains-Failure to claim exemption under section 54F-Revision return not filed-Claimed in revision application-Rejection of application by the Commissioner-Rejection order quashed and set aside-Matter remanded to Principal Commissioner to consider afresh affording opportunity of hearing to assessee and decide in accordance with law-Powers of Commissioner wide enough to grant relief even for assessee’s errors and mistakes-Powers under section 264 intended to prevent miscarriage of justice and grant relief even where errors committed by assessee. [S.54F,143(1), Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65521","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-h2N","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=65521"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65521\/revisions"}],"predecessor-version":[{"id":65522,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65521\/revisions\/65522"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}