TMI Blog2023 (10) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e interest of the petitioner/assessee. Taking this rationale further, PCIT also observed that since the intimation issued under Section 143(1) of the Act was not prejudicial to the interest of the assessee, he could not exercise his revisionary power under Section 264 of the Act. 7. Mr Krishanan S., who appears on behalf of the petitioner/assessee says that PCIT has committed an error in failing to exercise his revisionary power under the provisions of Section 264 of the Act. According to Mr Krishanan, a plain reading of the said provision would show that PCIT could exercise revisionary jurisdiction either himself or based on the application moved by the assessee [in this case, the petitioner] in any order, other than an order to which t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the revenue ultimately is entitled to assess the real income of an assessee; albeit as per the provisions of the Act. 11. 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. 12. At this stage, we are informed by Mr Krishanan that since the petitioner/assessee passed away during the pendency of the writ petition, necessary steps were taken for bringing the legal heirs of record. Similar steps will also be taken by Mr Krishanan to bring his legal heirs on record before the concerned statutory authorities. 13. Thus, for the foregoing reasons, we are inclined to set aside the impugned order. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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