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2019 (8) TMI 808 - HC - Income TaxRevision u/s 264 - CIT dwelt the issue cryptically - HELD THAT:- Though true it is that the exercise of power under section 264 is confined to; (i) to have exercised a jurisdiction not vested in it by law; or (ii) to have failed to exercise a jurisdiction so vested; or (iii) to have acted in the exercise of its jurisdiction illegally or with material irregularity. The Revisional Authority is however expected to dwell on the issue by adverting to merit. Apparently, the impugned order does not deal with the issue in right perspective and in consonance with the stipulation contained under section 264 of 1961 Act. - Matter restored before the CIT for the decision afresh in accordance with law.
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