[aaykarbhavan] Power under Section 264 of the Act is wide enough to include rectification of a bonafide error committed by an assessee while claiming exemptions under the Act - HC - Income Tax

PUNJAB & HARYANA HIGH COURT - Income Tax

Kewal Krishan Jain Versus Commissioner of Income Tax, Jalandhar and another

Power of CIT u/s 264 - Revision in favor of assessee - Held that:- Following Parekh Brothers v. Commissioner of Income Tax, Kerala-II Ernakulam and others,KERALA High Court] - Mere fact that the assessee had not raised a plea before the Assessing Officer, does not prohibit the assessee from claiming relief under Section 264 of the Act - The Commissioner of Income-tax committed an error of law in holding that it is not open to him for the first time to entertain a relief of the kind pleaded by the assessee and in denying jurisdiction - Even though a mistake was committed by the assessee and it was detected by him after the order of assessment, and the order of assessment is not erroneous, none the less it is open to the assessee to file a revision before the Commissioner under Section 264 of the Act and claim appropriate relief - The power to be exercised under Section 264 is a revisionary one - The jurisdiction is discretionary - Whether in a particular case, on the basis of facts disclosed, the Commissioner will exercise his jurisdiction and interfere in the matter, is a matter of discretion. It is certainly a judicial discretion vested in the Commissioner, to be exercised in accordance with law.

Power under Section 264 of the Act, is wide enough, to include rectification of a "bonafide" error committed by an assessee, while claiming exemptions, under the Act - The Commissioner should have in the exercise of his revisional power under Section 264 of the Act, decided the petition, filed by the petitioner, on merits - Decided in favour of petitioner

 

Regards

Prarthana Jalan

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