Assessee Forgot to Claim ‘Long Term Capital Loss’ in Income Tax Return: Gujarat HC directs to seek Revision u/s 264 [Read Order]

The Court reiterated that a Commissioner has to decide an assessee's revision application under the said section

By Yogitha S. Yogesh - On November 12, 2024 11:55 am - 2 mins read

Income Tax - Income Tax Return - Income Tax Act - Long Term Capital Loss - TAXSCAN

The Gujarat High Court in a recent case directed the assessee, who failed to claim ‘Long Term Capital Loss’ in its Income Tax return, to seek revision under Section 264 of the Income Tax Act, 1961. The Court reiterated that a Commissioner has to decide an assessee’s revision application under the said section. Surat Trade…

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