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2018 (2) TMI 1715 - HC - Income TaxPetitions for revisions u/s 264 rejected - Held that:- This Court is satisfied that the impugned orders under Section 264 of the I.T.Act do not deserve any interference by this Court under Article 226 of the Constitution of India. The said impugned orders rightly reject the prayer of the petitioners on the ground of non- chargeability of the capital gain tax for A.Y.2006-07. Moreover, it cannot be presumed that the petitioners- assessees being ignorant of relevant provisions of the Act, could not prefer the regular appeals before the appellate authorities namely, before the CIT (Appeals) or before the ITAT in due time. The fact that the revision petitions under Section 264 was filed by them within a year of passing of the impugned assessment order on 21.03.2014 namely, on 09.03.2015 and 17.03.2015, shows that the petitioners-assessees were very well guided about the relevant provisions of the Income Tax Act and for the reasons best known to them, they avoided the appellate remedies provided in the Act. Even otherwise, the ignorance of law is no excuse and no such presumption as prayed for, can be drawn in favour of the petitioners-assessees. Therefore, the fact that the assessee - petitioners preferred these Revision petitions under Section 264 of the Act just before the expiry of one year of the impugned assessment orders passed by the Assessing Authority, on the contrary reflects that the petitioners-assessees were very conscious and aware of the legal provision and deliberately avoided the availing of the regular remedy by way of an appeal and at the nick time of the expiry of the time period, preferred the present revision petition under Section 264 of the Act, which for good reasons, came to be dismissed by the learned Prl.Commissioner of Income Tax.
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