Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Section 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on extinguishment of share value not considered in original return. Respondent obligated to consider merits of revision petition within limitation period. High Court followed precedents quashing orders u/s 264 and remanding matters for reconsideration of unclaimed losses. Impugned order quashed, matter remanded to Principal Commissioner to decide revision petition on merits after hearing petitioner.
Section 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on extinguishment of share value not considered in original return. Respondent obligated to consider merits of revision petition within limitation period. High Court followed precedents quashing orders u/s 264 and remanding matters for reconsideration of unclaimed losses. Impugned order quashed, matter remanded to Principal Commissioner to decide revision petition on merits after hearing petitioner.
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