INCOME TAX ACT, 1961

Section 264 Section 50C

Revision under section 264 - Revised capital gain under section 50C - No finding recorded by Pr. CIT - Where assessee raised two issue in revision petition but

Assessee filed a revision petition under section 264. Pr. CIT noted that the revision petition was filed beyond the period of limitation. Nevertheless, he proceeded to decide the petition on merits as well. Assessee raised two issues in that petition. One was regarding decision of AO in not granting exemption under section 54B and the other being applicability of section 50C in relation to sale of land by the assessee. Aggrieved by order of the Pr.CIT, the assessee filed an instant writ petition. Assessee submitted that he did not dispute the Pr. CIT's order in connection with the claim under section 54. However, according to assessee, the Pr. CIT had not recorded any finding as regards the issue relating to applicability of section 50C.Held: Since Pr. CIT had not recorded any finding as regards the issue relating to section 50C; the order passed by the Pr. CIT was quashed and set aside and matter was remanded to the Pr. CIT for the purpose of adjudicating the issue with regard to section 50C.

REFERRED :

FAVOUR : Matter remanded.

A.Y. :

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