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of <h1>Time Limit Set: CsIT Must Resolve Section 264 Revision Petitions Within One Year; Quarterly Reporting for Delays Required.</h1> The Public Accounts Committee has recommended a time limit for disposing of revision petitions filed under Section 264 before the Commissioners of Income Tax (CsIT). With the Finance Minister's approval, it has been decided that administrative measures should ensure these petitions are resolved within one year from the end of the financial year in which they are received. Any petitions not disposed of within this period must be reported to the board quarterly, with individual reasons provided as per the enclosed proforma.
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