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TMI BlogInterpreting "Record": Revisiting the Scope of Revision Powers u/s 264 and Rectification of Mistake u/s 154X X X X Extracts X X X X X X X X Extracts X X X X ..... als or information while deciding a revision petition filed by an assessee u/s 264 of the Act . Arguments Presented Petitioner's Contentions The petitioner, an assessee, challenged the orders passed by the Commissioner of Income Tax u/s 264 and Section 154 of the Act, rejecting the revision petition and the rectification application, respectively. The key arguments advanced by the petitioner were as follows: The Assessing Officer wrongfully made an addition of Rs. 80 lakhs u/s 68 of the Act on account of share premium received by the assessee during the relevant year, despite the fact that the amount represented the opening balance carried forward from the previous year. The Commissioner failed to consider the submissions of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Court emphasized that the Commissioner's powers u/s 264 are wide, and they are intended to meet the situation faced by an aggrieved assessee who is unable to approach the appellate authorities for relief. Interpretation of the Term Record The Court delved into the interpretation of the term record in the context of Section 264 of the Act. Referring to the Circular issued by the Central Board of Direct Taxes (CBDT) and the judgment of the Hon'ble Supreme Court in Commissioner of Income-tax v. Sri. Manjunathesware Packing Products and Camphor Works [ 1997 (12) TMI 4 - SUPREME COURT] , the Court held that the term record cannot be limited to the return of income or the order of assessment. It should be extended to include informati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs u/s 264 are wide and intended to provide relief to an aggrieved assessee where the law permits the same. Additionally, the Court emphasized the principle of consistency in the treatment of issues arising in continuing transactions. Comprehensive Summary of the Judgment The High Court, in this significant judgment, upheld the wide scope of powers conferred upon the Commissioner of Income Tax u/s 264 of the Income Tax Act . The Court emphasized that the Commissioner is duty-bound to consider the revision petition filed by the assessee on merits and provide relief where the law permits. Regarding the interpretation of the term record, the Court adopted a broader view, aligning with the CBDT Circular and the Supreme Court's decision. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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