https://www.taxtmi.com/highlights?id=74379 Condonation of delay filling Revision u/s 264 - refund of the FBT return - Powers conferred under Section 264 of the Act are very wide. Commissioner is bound to apply his mind to the question whether Petitioner's income was taxable and to what extent. - Petitioner having paid the tax and surcharge and the penalty with interest, amount of undisclosed income cannot be included in the income of the declarant/petitioner. Therefore, in our view, Commissioner should have exercised his power under Section 264 of the Act and decide the matter on merits. - HC en-us Thu, 25 Jan 2024 08:34:07 +0530 Thu, 25 Jan 2024 08:34:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74379 Condonation of delay filling Revision u/s 264 - refund of the FBT return - Powers conferred under Section 264 of the Act are very wide. Commissioner is bound to apply his mind to the question whether Petitioner's income was taxable and to what extent. - Petitioner having paid the tax and surcharge and the penalty with interest, amount of undisclosed income cannot be included in the income of the declarant/petitioner. Therefore, in our view, Commissioner should have exercised his power under Section 264 of the Act and decide the matter on merits. - HC Highlights Income Tax Thu, 25 Jan 2024 08:34:07 +0530 https://www.taxtmi.com/highlights?id=74379