https://www.taxtmi.com/caselaws?id=10851 The court dismissed the petition, ruling against the petitioner. The delay in filing revision petitions under Section 264 of the Income-tax Act, 1961, was not condoned due to lack of sufficient cause shown by the petitioner. The court emphasized the need to balance substantial justice with the requirement to demonstrate diligence and bona fides. The petitioner's reliance on the Supreme Court's decision in CIT v. P.J. Chemicals Ltd. was deemed insufficient as the subsidy in question was not proven to be a general subsidy. The court discharged the rule with no order as to costs. en-us Thu, 24 Jun 2004 00:00:00 +0530 Sun, 26 Jul 2009 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10851 The court dismissed the petition, ruling against the petitioner. The delay in filing revision petitions under Section 264 of the Income-tax Act, 1961, was not condoned due to lack of sufficient cause shown by the petitioner. The court emphasized the need to balance substantial justice with the requirement to demonstrate diligence and bona fides. The petitioner's reliance on the Supreme Court's decision in CIT v. P.J. Chemicals Ltd. was deemed insufficient as the subsidy in question was not proven to be a general subsidy. The court discharged the rule with no order as to costs. Case-Laws Income Tax Thu, 24 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10851