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2017 (8) TMI 420 - HC - Income TaxRevision u/s 264 - petitioner and his grandmother are co-owners of property sold - joint ownership - petitioner filed an application under Section 264 of the Act requesting that the petitioner's income in respect of the aforesaid transaction pertaining to the said property, be determined in accordance with the decision of the High Court in the petitioner's grandmother's case. Held that:- when the petitioner's assessment was completed on 31.03.1981 based on the decision rendered by the Tribunal in the petitioner's grandmother's case, the respondents themselves should have revised the petitioner's assessment in tune with the said order. Having not done so, the Department cannot reject the petition filed by the petitioner under Section 264 of the Act. Thus, for all the practical purposes, the limitation in filing the petition had to be reckoned only after the judgment in the Tax Cases. The Assessing Officer had given effect to the order passed by the Division Bench dated 21.02.2001 and if that date is reckoned, there is no inordinate delay for the 1st respondent to reject the petition filed by the petitioner under Section 264 of the Act. As decided in case of Commissioner of Income Tax Vs S.Muthukarupan [2006 (9) TMI 140 - MADRAS High Court] wherein, the Court held that if during the same assessment year the same quantity of wealth in possession of one co-sharer is subjected to a lower rate of taxation, it would be highly improper to burden a similarly situated co-sharer with a higher rate of tax. - AO directed to re-do the assessment.
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