Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
The High Court held that the Commissioner of Income-Tax, while exercising revisionary powers u/s 264 of the Income Tax Act, is duty-bound to consider the revision petition on merits. The term 'record' in Section 264 should be interpreted broadly, as per the Central Board of Direct Taxes' circular. Consequently, the order u/s 144A should have been considered part of the record by the Commissioner while deciding the revision petition u/s 264. The impugned orders passed u/ss 264 and 154 were quashed, and the matter was remanded to the Principal Commissioner to decide the revision petition u/s 264 on merits, considering the order u/s 144A as part of the record.
The High Court held that the Commissioner of Income-Tax, while exercising revisionary powers u/s 264 of the Income Tax Act, is duty-bound to consider the revision petition on merits. The term 'record' in Section 264 should be interpreted broadly, as per the Central Board of Direct Taxes' circular. Consequently, the order u/s 144A should have been considered part of the record by the Commissioner while deciding the revision petition u/s 264. The impugned orders passed u/ss 264 and 154 were quashed, and the matter was remanded to the Principal Commissioner to decide the revision petition u/s 264 on merits, considering the order u/s 144A as part of the record.
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