Section 264: PCIT can Allow Unclaimed Deductions/Losses

Puneet Dhanda Vs PCIT (Delhi High Court) Introduction: In a recent judgment, the Delhi High Court addressed a matter involving Assessment Year (AY) 2018-19, highlighting the significance of Section 264 of the Income Tax Act, 1961. The petitioner, an assessee, filed a writ petition challenging the order passed by the Principal Commissioner of Income Tax (PCIT) rejecting the petitioner’s application for revision under Section 264. The issue at the heart of this case was the correction of a deduction claim that the petitioner had inadvertently overlooked. 1. Application of Section 264: Sect...