Income Tax Act, 1961

Section 263

Revision under section 263 - Condition precedent - Absence of any grounds made out to exercise review jurisdiction -

Assessee filed review application submitting that the non-disclosure of the capital gains, in the required column in the income tax report, for the relevant financial year, was purely due to inadvertence and this may be considered by the Court and the judgment may be reviewed and thus penalty levied under section 271(1)(c) may be deleted.Held: Unless any other sufficient reason is analogous to other two conditions, review cannot be granted. Further, the grounds canvassed in this review application were in fact argued in the appeal and the Court had taken into consideration the arguments and held against the assessee. Thus, in the absence of any grounds made out to exercise review jurisdiction of this Court, this review application has to necessarily fail.

REFERRED :

FAVOUR : Against the assessee.

A.Y. :

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