Section 264 Powers Are Wide and Meant to Correct Genuine Errors: Bombay HC

Ramesh Madhukar Deole Vs PCIT (Bombay High Court) The Bombay High Court set aside an order passed by the Principal Commissioner of Income Tax rejecting a revision application under Section 264 of the Income-tax Act, 1961 as not maintainable. The assessee had originally filed the return for AY 2018–19 in the wrong form and later submitted a corrected return claiming exemption on capital gains under Section 54F of the Income-tax Act, 1961 arising from surrender of tenancy rights and investment in a new residential flat. Due to non-submission of documents in response to a notice under Section 1...