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2023 (10) TMI 704 - HC - Income TaxValidity of Revision u/s 264 - assessee sought to trigger the provisions of Section 264 as enabling him to claim a loss on Future and Option contracts, which according to him, resulted in a loss as he had carried on non-speculative business during the period in issue - HELD THAT:- PCIT has committed a material irregularity in not exercising the jurisdiction conferred on him under Section 264 of the Act. As correctly submitted PCIT was invested with the necessary revisionary powers to correct the intimation issued under Section 143(1) of the Act, even if the said intimation was a product of a mistake made by the assessee in not claiming set off concerning a loss which according to him, was available under the provisions of the Act. The rationale behind conferring such revisionary power is that the revenue ultimately is entitled to assess the real income of an assessee; albeit as per the provisions of the Act. Therefore, if a particular deduction is amenable within the periphery of the Act and inadvertently an assessee has not claimed the same, Section 264 can be triggered for making such correction. Thus, for the foregoing reasons, we are inclined to set aside the impugned order. PCIT will re-examine the application filed by the petitioner/assessee (which is now sought to be progressed by his legal heirs),
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