PCIT is empowered to consider revision application u/s 264 within 1 year against rejection of rectification return

INCOME TAX : Where assessee while filling its return of income had entered incorrect figures under certain heads of income and expenditure and, thus, filed a rectification return which was rejected, revision application under section 264 filed by assessee within one year from date of rejection of its rectification return was certainly maintainable, more particularly, when Principal Commissioner had found that assessee had committed such error inadvertently

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