No denial of section 264 Application for mere non filing of Revised Return within Prescribed Time

Sharp Tools Vs. PCIT (Madras High Court) The issue under consideration is whether the denial of assessee’s application u/s 264 on the ground that assessee not having filed revised return within prescribed time is justified in law? High Court states that, in the present case, a mere typographical error committed by the Assessee cannot cost them payment of excess tax as collected by the Revenue. Certainly, the denial for repayment of such excess collection would amount to great injustice to the assessee. Even though the Statute prescribes a time limit for getting the relief before the Assessin...