2022 (9) TMI 363

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....o.4671/2020, it is seen that the sole grievance of petitioners is that against the order of assessment dated 16.12.2018, petitioners instead of filing appeal under the Income Tax Act, 1961 (for brevity 'the Act') to the first appellate authority allowed the period of limitation for filing appeal to expire and thereafter preferred an application u/S 264 of the Act invoking revisional jurisdiction of the revisional authority. During pendency of revision, an application for withdrawal of revision was moved vide Annexure P/7 on 07.10.2019. The revisional authority dismissed the revision by the impugned order dated 10.10.2019 as not maintainable after holding that withdrawal of the revision petition shall not serve any purpose because revision i....

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.... the petitioners now cannot turn back to avail the remedy before the appellate Court especially when the same has become time barred. 5. For ready reference and convenience, Section 264 of the Act is reproduced hereinbelow in toto: "264. Revision of other orders- (1) In the case of any order other than an order to which section 263 applies passed by an authority subordinate to him, the [Principal Commissioner or Commissioner] may, either of his own motion or on an application by the assessee for revision, call for the record of any proceeding under this Act in which any such order has been passed and may make such inquiry or cause such inquiry to be made and, subject to the provisions of this Act, may pass such order thereon, no....

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.... (5) Every application by an assessee for revision under this section shall be accompanied by [a fee of five hundred rupees]. [(6) On every application by an assessee for revision under this sub-section, made on or after the 1st day of October, 1998, an order shall be passed within one year from the end of the financial year in which such application is made by the assessee for revision. Explanation. - In computing the period of limitation for the purposes of this sub-section, the time taken in giving an opportunity to the assessee to be re-heard under the proviso to section 129 and any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded. (7) ....

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....ppeal is preferred and the period of limitation of appeal is not expired. (ii) When an order has been made, subject to an appeal to Commissioner (Appeals) or to the Appellate Tribunal. 5.2 The period of limitation u/S 264 of the Act is one year to approach the revisional authority with further power to the revisional authority to condone the delay if sufficient, causes for delay is shown. 6. The said provision u/S 264 of the Act is an extra-ordinary one which is made available to the assessee, in addition to the remedies of appeals under the Income Tax Act. Option has been given to the assesssee to avail the remedy of revision u/S 264 of the Act within a period of one year provided the assessee has not filed an appeal and the....