2023 (8) TMI 1477

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....ome Tax Act, 1961 ('Act', for short) by the petitioner for revising return for the assessment years 2007-08 and 2009-10 respectively, are under challenge in the present writ petition. 2. Petitioner is Securities and Exchange Board of India (SEBI) registered Portfolio Manager since 2003 and engaged in the business of rendering portfolio management services to its clients in accordance with the guidelines and regulations issued by SEBI from time to time. It is also an assessee under the Act in filing returns. From the inception onwards, petitioner filed return showing gains from investments in shares under the head 'investments' in the balance sheet as 'capital gains' for the respective financial years, which were acc....

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.... limitation would not also be taken against the petitioner as petitioner sought to rectify the orders taking into consideration the order passed by the assessing officer for the year 2006-07 treating it as capital gain instead of business gain. 4. On the other hand, learned Standing Counsel for the Income Tax Department opposed the aforementioned contentions and stated that no explanation has come forward in not submitting applications within a period of one year as provided under Section 264 of the Act, but did not dispute the fact that the Commissioner would have the power to rectify mistake by taking into consideration the provisions of Section 264. 5. I have heard the learned counsel appearing for the parties and appraised the paper b....

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....r (Appeals) or to the Commissioner (Appeals) or to the Appellate Tribunal but has not been made and the time within which such appeal may be made has not expired, or, in the case of an appeal to the Commissioner (Appeals) or to the Appellate Tribunal, the assessee has not waived his right of appeal; or (b) where the order is pending on an appeal before the Deputy Commissioner (Appeals); or (c) where the order has been made the subject of an appeal to the Commissioner (Appeals) or to the Appellate Tribunal. (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 d....

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....matter, according to the contention, is stated to be pending before the Hon'ble Supreme Court. As an abundant precaution, applications Exts. P6 and P7 were submitted to the Commissioner for rectification/revision of the orders for assessment years 2007-08 and 2009-10 to treat the same as has been done for the assessment year 2006-07. Though the aforesaid applications were submitted on 12.6.2014, it was beyond the period of one year as provided under the statute. Such delay could not have been condoned, as per the plain and simple reading of Section 264 extracted above. 8. Commissioner, in my view, rightly rejected the applications being time barred, though on other point the reasoning given is not sustainable in view of the ratio decie....