Exploring Tax Order Revision: Principal Commissioner's Power to Review and Rectify Subordinate Authority Decisions Under Section 264
The text details Section 264 of the Income Tax Act regarding revision of orders by Principal Chief Commissioner or Commissioner. It outlines two modes of revision: suo motu and on assessee's application, with strict time limits of one year. The provision allows revision of subordinate authority orders without prejudicing the assessee, with specific restrictions on when revision can be undertaken. Key limitations include no revision where appeals are pending or possible, and a mandatory fee of Rs. 500 for revision applications. The section provides mechanisms for administrative review of tax orders while maintaining procedural safeguards.
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