https://www.taxtmi.com/highlights?id=82274 Section 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on extinguishment of share value not considered in original return. Respondent obligated to consider merits of revision petition within limitation period. High Court followed precedents quashing orders u/s 264 and remanding matters for reconsideration of unclaimed losses. Impugned order quashed, matter remanded to Principal Commissioner to decide revision petition on merits after hearing petitioner. en-us Wed, 16 Oct 2024 08:38:15 +0530 Wed, 16 Oct 2024 08:38:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82274 Section 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on extinguishment of share value not considered in original return. Respondent obligated to consider merits of revision petition within limitation period. High Court followed precedents quashing orders u/s 264 and remanding matters for reconsideration of unclaimed losses. Impugned order quashed, matter remanded to Principal Commissioner to decide revision petition on merits after hearing petitioner. Highlights Income Tax Wed, 16 Oct 2024 08:38:15 +0530 https://www.taxtmi.com/highlights?id=82274