https://www.taxtmi.com/caselaws?id=444919 The Bombay HC allowed a revision petition under Section 264 regarding computation of long term capital gains from flat sale. The petitioner sought deduction of renovation expenses after indexing, which the co-owner had successfully claimed. The HC held there was no delay in filing the Section 264 application as it was filed within one year of the Section 154 order. The Commissioner's revisionary powers under Section 264 extend beyond correcting subordinate authority errors to include situations where assessees fail to claim legitimate deductions due to oversight. The HC quashed the impugned order and remanded the matter to PCIT for fresh consideration, directing disposal within 8 weeks. en-us Fri, 13 Oct 2023 00:00:00 +0530 Fri, 03 Apr 2026 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444919 The Bombay HC allowed a revision petition under Section 264 regarding computation of long term capital gains from flat sale. The petitioner sought deduction of renovation expenses after indexing, which the co-owner had successfully claimed. The HC held there was no delay in filing the Section 264 application as it was filed within one year of the Section 154 order. The Commissioner's revisionary powers under Section 264 extend beyond correcting subordinate authority errors to include situations where assessees fail to claim legitimate deductions due to oversight. The HC quashed the impugned order and remanded the matter to PCIT for fresh consideration, directing disposal within 8 weeks. Case-Laws Income Tax Fri, 13 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444919