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2018 (7) TMI 1322 - HC - Income TaxPowers of revision u/s 264 - condonation of delay - Held that:- It was only after Assessing Officer, by his order dated 25th March, 2016 held that, this deduction of ₹ 4.25 crores relates to Assessment Year 2012-13 and therefore could not be allowed in the Assessment Year 2013-14 that the petitioner was compelled to file the Revision Petition so as to claim the deduction. This to ensure that, in atleast one of the two assessment years it gets the benefit of deduction. It is to be noted that the petitioner filed its Revision Application on 22nd April, 2016 i.e. within a month of the order of the Assessing Officer dated 25th March, 2016 relating to Assessment Year 2013-14. In the aforesaid circumstances, the reason in filing the Revision Application is for reasonable cause and should have been condoned by the respondent no.2-Principal Commissioner of Income-tax. We do not accept the contention of the Revenue that restoring the application under Section 264 of the Act the Principal Commissioner of Income-tax-respondent no.2 would be an exercise in futility. There are issues to be adjudicated and it is best that the Authority under the Act, discharges his obligation. At this stage, we make no comments on the merits of the Revision Application which is before the Principal CIT-respondent no.2. We set aside the impugned order dated 23rd March, 2018 and after condoning the delay in filing the Revision Application, we restore the petitioner's Revision Application dated 22nd April, 2016 before the respondent no.2-Principal Commissioner of Income-tax for disposal on merits after following the principles of natural justice. All contentions kept open.
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