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November 2024

Revision — Application for revision u/s. 264 — Power of Commissioner to condone delay — Power should be exercised in a liberal manner — Delay should be condoned where there is sufficient cause for it.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 4 mins

57. Jindal Worldwide Ltd. vs. Principal CIT

[2024] 466 ITR 472 (Guj)

A. Y. 2015–16: Date of order 29th April, 2024

S. 264of ITA 1961

Revision — Application for revision u/s. 264 — Power of Commissioner to condone delay — Power should be exercised in a liberal manner — Delay should be condoned where there is sufficient cause for it.

The petitioner is a limited company incorporated under the provisions of the Companies Act, 1956, and is engaged in the business of weaving, manufacturing, and finishing textiles. The petitioner is also engaged in the business of manufacturing and dealing in denim and other textile activities. For the A. Y. 2015–16, the petitioner filed a return of income on 31st October, 2015 declaring a total loss of ₹8,54,09,913 including the interest subsidy of ₹10,83,16,142 received by the petitioner under the Technology Upgradation Fund Scheme (TUFS) for textile and jute industries, a State interest subsidy of ₹2

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