https://www.taxtmi.com/caselaws?id=451236 The Bombay HC allowed a revision petition challenging rejection of an application under Section 264. The court held that intimation under Section 143(1) is amenable to revisional jurisdiction under Section 264, contrary to the revenue's position. The matter was remanded to recalculate capital gains by excluding the proportionate amount withdrawn from escrow account from sale consideration. The court directed refund of additional tax paid with interest within two weeks of assessment order, unless revenue has other legal claims for adjustment. Fresh order to be passed within six weeks with personal hearing. en-us Thu, 14 Mar 2024 00:00:00 +0530 Thu, 29 Aug 2024 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451236 The Bombay HC allowed a revision petition challenging rejection of an application under Section 264. The court held that intimation under Section 143(1) is amenable to revisional jurisdiction under Section 264, contrary to the revenue's position. The matter was remanded to recalculate capital gains by excluding the proportionate amount withdrawn from escrow account from sale consideration. The court directed refund of additional tax paid with interest within two weeks of assessment order, unless revenue has other legal claims for adjustment. Fresh order to be passed within six weeks with personal hearing. Case-Laws Income Tax Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451236