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“Section 264(1)”

Section References (mined)Section 264Section 264(1)9 judgments

The decision most relied on for Section 264(1) is CIT v. Foramer France (264 ITR 566), cited in 253 judgments on BharatTax.

Leading authorities on Section 264(1)

CIT v. Foramer France
264 ITR 566 · 2003 · Supreme Court
253
citing judgments

Reassessment proceedings initiated under Section 147 beyond four years from the end of the relevant assessment year are invalid unless the assessee failed to disclose fully and truly all material facts necessary for assessment. Without such failure, the notice issued under Section 148 is time-barred and without jurisdiction.

CIT v. Tin Box Company
260 ITR 637 · 2003 · High Court
80
citing judgments

When an assessee possesses sufficient interest-free funds, it is presumed that any interest-free advances or investments made are from these funds, preventing disallowance of interest under Section 36(1)(iii). This principle applies if own capital and interest-free loans exceed the interest-free advances given.

EBR Enterprises v. Union of India
107 Taxmann.com 220 · 2019 · High Court
69
citing judgments

Deductions under Chapter VI-A (e.g., Sections 10B, 10BA) and other specified provisions are not allowable if the claim is not explicitly made in the return of income as mandated by Section 80A(5). Such a claim cannot be subsequently entertained during assessment proceedings or even during revision proceedings under Section 264.

70 ITD 214 11. Jain Bharat Tanners Vs. CIT (Mad) 264 ITR 673 12. Ashok Leyland Ltd. v. CIT(Mad)
101 ITD 495 · 2006 · ITAT
35
citing judgments

An assessment order is erroneous and prejudicial to the interest of the revenue if the Assessing Officer fails to conduct necessary inquiries or investigate facts when circumstances warrant it, demonstrating a lack of complete scrutiny. This failure to act as an investigator and not just an adjudicator can trigger revision under Section 263.

Parikh & Co. v. CIT
122 ITR 610 · 1980 · High Court
27
citing judgments

The Commissioner can exercise revisional powers under Section 264 in favour of the assessee to pass an order that is not prejudicial to them, based on the record of any proceeding.

Kamal Kumar Kalia v. Union of India
268 Taxmann 398 · 2020 · High Court
26
citing judgments

Employees of Public Sector Undertakings (PSUs) and nationalized banks are not considered government employees for the purpose of exemption under Section 10(10AA) of the Income Tax Act.

Ramdev Exports v. CIT
251 ITR 873 · 2001 · High Court
22
citing judgments

The Commissioner can grant relief to an assessee under Section 264 of the Income Tax Act, even when the order under Section 144A is part of the record and should have been considered. The CIT was wrong in not providing relief for over-assessment due to under-totalling of purchases.

CIT v. Ignifluid Boilers (I) Ltd.
283 ITR 295 · 2006 · High Court
19
citing judgments

Retention money is considered deferred payment and is not taxable in the year it is retained if it is contingent upon the satisfactory completion of the contract work and the assessee has no vested right to receive it.

Judgments citing Section 264(1)

Vyavasaya Seva Sahakari Sangha, Chikkmagalur vs. Income Tax Officer, Ward-1, Chikkamangalur

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1337/BANG/2024[2018-19]Status: DisposedITAT Bangalore15 Oct 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmedassessment Year: 2018-19

For Appellant: Shri Monish Sowkar, AdvocateFor Respondent: Shri V Parithivel, JCIT (DR)
Section 10Section 154Section 264Section 264(1)Section 69ASection 80P(2)(a)

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers

Manjunath B, Bangalore vs. Income Tax Officer, Ward-1, Ramnagar

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1284/BANG/2024[2013-14]Status: DisposedITAT Bangalore20 Sept 2024AY 2013-14

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: Shri Thirumala Naidu, CAFor Respondent: Shri Subramanian S, CIT (DR)

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers

Danaher India Csr Foundation, Mumbai vs. ITO-14(1)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 1984/MUM/2024[2022-23]Status: DisposedITAT Mumbai23 Jul 2024AY 2022-23

Bench: Shri Satbeer Singh Godara & Shri Girish Agrawalassessment Year: 2022-23 Danaher India Csr Foundation, Income Tax Officer – 14(1)(1), 3Rd Floor, B Wing, Art Guild House, Mumbai Phoenix Market City Compound, Vs. Lbs Marg, Kurla (West), Mumbai – 400070 (Pan : Aagcd7976H) (Appellant) (Respondent) Present For: Assessee : Shri Vijay Mehta, Ca Revenue : Smt. Mahita Nair, Sr. Dr

For Appellant: Shri Vijay Mehta, CAFor Respondent: Smt. Mahita Nair, Sr. DR
Section 10Section 11Section 12ASection 143(1)Section 8Section 80G

assessment is as are sult of assessee's own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting dehors the powers under

M/S. Reddy Structures Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-1(2), Bangalore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 625/BANG/2024[2016-17]Status: DisposedITAT Bangalore22 Jul 2024AY 2016-17

Bench: Shri George George K & Shri Waseem Ahmedassessment Years : 2016-17

For Appellant: Smt. Sunaiana Bhatia, CAFor Respondent: Shri Ramanathan, Addl. CIT (DR)
Section 264(1)Section 80I

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers

Nanjappa Shivamurthy, Chintamani vs. Income Tax Officer Ward 1 Chikaballapur, Chikkaballapur

In the result, the appeal filed by the assessee is allowed for the statistical purposes

ITA 650/BANG/2024[2017-18]Status: DisposedITAT Bangalore16 Jul 2024AY 2017-18

Bench: Shri George George K & Shri Waseem Ahmedassessment Years : 2017-18

For Appellant: Shri L Raghavendra Rao, C.AFor Respondent: Ms. Matta Padma, Addl. CIT

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers

National Contracting Company (India), Private Limited, Chennai vs. DCIT, Corp Circle-4(1), Chennai

In the result, the appeal of the assessee is allowed

ITA 455/CHNY/2024[2020-21]Status: DisposedITAT Chennai24 Jun 2024AY 2020-21

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.455/Chny/2024 (िनधा"रणवष" / Assessment Year: 2020-2021 ) National Contracting Company Vs. The Deputy Commissioner Of (India) Private Limited, Income Tax, No.32, Palani Centre, Corporate Circle 4(1) Vaidyaraman Street, Chennai. Venkatanarayana Road, T. Nagar, Chennai 600 017. [Pan: Aaacr 8512M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. G. Baskar, Advocate ""यथ" क" ओर से /Respondent By : Shri. R. Mukundan, Irs, Jcit. सुनवाई क" तार"ख/Date Of Hearing : 13.06.2024 घोषणा क" तार"ख /Date Of Pronouncement : 24.06.2024 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Shri. G. Baskar, AdvocateFor Respondent: Shri. R. Mukundan, IRS, JCIT
Section 143(1)Section 154Section 36Section 37Section 43B

assessment is as are sult of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting dehors the powers under

Subhagya Co-Operative Housing Society Limited, Ahmedabad vs. The DCIT, CPC Bangalore Present Jurisdiction the ITO, Ward-5(2)(4), Ahmedabad

In the result, the appeal filed by the assessee is allowed for the statistical purposes

ITA 858/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad05 Jan 2024AY 2018-19

Bench: Shri Waseem Ahmedआयकरअपीलसं./Ita No. 858/Ahd/2023 धििाधरणवरध/Asstt. Year: 2018-2019 Subhagya Co-Operative Housing D.C.I.T, Society Limited, Vs. Cpc Bangalore B-701 Safal Pegasus, Present Near Auda Garden, Income Tax Officer, Prahladnagar, Ward-5(2)(4), Ahmedabad-380015. Ahmedabad. Pan: Aacas0740E

For Appellant: Shri S.N. Divatia, A.RFor Respondent: Ms. Saumya Pandey Jain, Sr. DR
Section 139Section 143(1)Section 154Section 80PSection 80P(2)(d)

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers

Keshav Tirth Foundation, Rajkot vs. The CIT (E), Ahmedabad

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 137/RJT/2021[2018-19]Status: DisposedITAT Rajkot21 Apr 2023AY 2018-19

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri D. M. Rindani, A.RFor Respondent: Shri Shramdeep Sinha, CIT D.R
Section 11Section 11(1)Section 11(1)(a)Section 12Section 12A

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers

Shri Dipten Ahindra Bhowmick, Gandhidham-Kutch vs. The ITO, Ward-1, Gandhidham-Kutch

In the result, the appeal filed by the assessee is allowed

ITA 134/RJT/2022[2016-17]Status: DisposedITAT Rajkot04 Jan 2023AY 2016-17

Bench: Shri Waseem Ahmed & Shri T. R. Senthil Kumar

For Appellant: Shri Gaurang Khakhar, A.RFor Respondent: Shri Shramdeep Sinha, CIT DR
Section 10Section 143(3)Section 154Section 250Section 264Section 264(1)Section 40A(3)

assessment is as a result of assessee’s own mistake or otherwise, the CIT has the power to correct such an assessment under section 264(1) of the Act. If the CIT refuses to give relief to the assessee, in such circumstances, he would be acting de hors the powers