Procedures and Precautions in Relation to Revision under Section 264

1. Assessee can file an application for revision of any order passed by an authority subordinate to the Principal Commissioner or Commissioner of Income-tax under section 264 in the following circumstances :

n where an appeal against the order lies to the Commissioner of Income Tax (Appeals) or to the Income-tax Appellate Tribunal, assessee has not filed an appeal and the time of such appeal has expired, or he has waived prefering the right of appeal; or