Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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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