https://www.taxtmi.com/caselaws?id=9598 The court allowed the petitioner's plea for condonation of delay in the application under section 264 of the Income-tax Act, emphasizing the need for a liberal approach to prevent defeat of substantive rights based on technicalities. The court directed the Revenue to modify the order rejecting the petitioner's claim for revision of assessments due to subsidy withdrawal, allowing deduction upon repayment of excess subsidy. The order of the Commissioner of Income-tax rejecting the revision application was quashed, and the petitioner's entitlement to deduction for excess subsidy paid and repaid was upheld. A provisional order for downward revision of assessed income was granted pending final disposal of the application. en-us Tue, 01 Feb 2005 00:00:00 +0530 Sat, 27 Jun 2009 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9598 The court allowed the petitioner's plea for condonation of delay in the application under section 264 of the Income-tax Act, emphasizing the need for a liberal approach to prevent defeat of substantive rights based on technicalities. The court directed the Revenue to modify the order rejecting the petitioner's claim for revision of assessments due to subsidy withdrawal, allowing deduction upon repayment of excess subsidy. The order of the Commissioner of Income-tax rejecting the revision application was quashed, and the petitioner's entitlement to deduction for excess subsidy paid and repaid was upheld. A provisional order for downward revision of assessed income was granted pending final disposal of the application. Case-Laws Income Tax Tue, 01 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9598