https://www.taxtmi.com/caselaws?id=338755 The Court allowed the writ petition in favor of the petitioner in a case involving a claim under Section 54F of the Income Tax Act, 1961 in revisional proceedings under Section 264. The Court held that the Commissioner had wide discretionary powers under Section 264 to grant benefits unless there was a direct impediment specified by the Act. Relying on precedents from various High Courts, the Court emphasized the correction of assessee's mistakes in revisional proceedings. The matter was remitted to the Assessing Officer for reconsideration based on the petitioner's claim made in the revision petition and in accordance with the law. en-us Tue, 03 Jan 2017 00:00:00 +0530 Fri, 10 Feb 2017 10:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338755 The Court allowed the writ petition in favor of the petitioner in a case involving a claim under Section 54F of the Income Tax Act, 1961 in revisional proceedings under Section 264. The Court held that the Commissioner had wide discretionary powers under Section 264 to grant benefits unless there was a direct impediment specified by the Act. Relying on precedents from various High Courts, the Court emphasized the correction of assessee's mistakes in revisional proceedings. The matter was remitted to the Assessing Officer for reconsideration based on the petitioner's claim made in the revision petition and in accordance with the law. Case-Laws Income Tax Tue, 03 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338755