Friday, July 2, 2021

Revision u/s 264 can be exercised even if time limit for filing appeal hasn’t expired: Bombay HC

INCOME TAX : Section 264 can't be interpreted to mean that for CIT to exercise his powers of revision , not only time for filing appeal should have expired but also that assessee should have waived his right of appeal

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314771/revision-us-264-can-be-exercised-even-if-time-limit-for-filing-appeal-hasn’t-expired-bombay-hc.aspx

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...