TaxTMI 
TaxTMI 
2024 (12) TMI 1271
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....whereby, respondent No.1 disallowed the application of petitioner filed under Section 264 of the Income Tax Act, 1961 (for short "the Act") seeking revision. 4. The admitted facts between the parties are that agreement to sale was entered into on 08.11.2021, whereas, the sale deed was registered on 11.03.2022. The Return was filed on 31.12.2022. The petitioner filed an application under Section 264 of the Act along with Annexure-II issued by S.R.O. to confirm the SRO values prevailing as on the date of agreement and the date of registration. The said revision of petitioner was rejected by assigning following reasons:- "8. I have perused the contentions of the assessee and the material available on record. The assessee has voluntarily adm....
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....rom the facts of the assessee's case. In view of the above discussion, facts and circumstances of the case, the assessee's claim does not come under the purview of Sec.264 of the Income-tax Act, 1961; and hence dismissed." ( Emphasis supplied ) 5. Criticizing the findings, learned counsel for the petitioner submits that para No.4 of the impugned order itself shows that the petitioner has filed the relevant Annexure-II to establish the SRO value. The petitioner's revision was rejected mainly for twin reasons. Firstly, on the ground that the petitioner, while filing the Return of income, was aware of the SRO rates prevailing, but, did not claim benefit of the same. Secondly, in order to get advantage of reduction in SRO values, as....
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....powers conferred under section 264 of the Act are very wide. The Commissioner is bound to apply his mind to the question whether the petitioner was taxable on that income. Since section 264 uses the expression "any order", it would imply that the section does not limit the power to correct errors committed by the subordinate authorities but could even be exercised where errors are committed by assesses. It would even cover situations where the assessee because of an error has not put forth a legitimate claim at the time of filing the return and the error is subsequently discovered and is raised for the first time in an application under Section 264. 36. An assessee is liable to tax only upon such receipt as can be included in his total i....