Please Help: income tax
Posted Date : 19-Mar-2013 , 06:26:45 pm | Posted By: Ajay B Sharma
Category :
Income Tax | Answers :
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Disguish SUO MOTTO made by commsioner & petition made by applicant ?
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| Posted By : B Natarajan |
19-Mar-2013, 08:42:20 |
| Both are called revision by Commissioner. Suo Moto Revision is made by the Commissioner under section 263 when in his opinion the order of the Assessing Officer is erroneous and prejudicial to the interests of the revenue. Both these conditions should be satisfied and the revision order should be passed within two years from the end of the financial year in which the order was passed by the Assessing Officer. Appeal against such revision order lies with the ITAT. The Commissioner has revisionary powers u/s. 264 on a petition made by the assessee. The assessee has to pay a fees of Rs. 500/- and file the petition within one year form the date of communication of the order against which he is prefering the revision petition. The assessee has to waive his right of appeal. The Commissioner has to pass orders within one year from the end of the financial year in which the petition was filed. No further appeal if the assessee is not satisfied with the revision order. CA. B. Natarajan, Chidambaram |
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