Section 264 of ITA, 1961 : Section 264: Revision Of Other Orders

Explanation using Example

Imagine that Mr. Sharma, a small business owner, receives an assessment order from his local Income Tax Officer (ITO) which he believes incorrectly disallows certain business expenses, leading to a higher tax liability. Mr. Sharma discusses this with his tax consultant and realizes that the ITO might have misinterpreted the tax rules regarding expense claims.

Since the order was passed by an authority subordinate to the Commissioner of Income Tax (CIT), and Mr. Sharma believes it is not in accordance with the law, he decides to file an application for revision under Section 26...

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