Law:

Section:

Section 264 of the Income-tax Act, 1961 [Corresponding to section 33A(2) of the Indian Income-tax Act, 1922] - Revision of other order - Whether on the application for condonation of delay, it is incumbent upon Commissioner to consider whether a sufficient cause has been made out by assessee for condonation of delay - Held, yes - Whether no litigant should, on pain of the penalty of limitation, be under duress to conduct concurrently two proceedings where the need for one would depend on the failure to secure a favorable result in the other - Held, yes - After prolonged litigation value of closing stock was added to income of assessee for assessment year 1958-59 - This amount was actually shown and assessed in return for assessment year 1959-60 - Assessee sought for rectification and filed application for condonation or delay - Whether facts of the present case did not justify the somewhat summary method by which petition for condonation was negatived. Where a litigant in his own manner has been diligently or bona fide agitating for the recognisation of a claim and the ultimate adverse result therein makes it necessary or forces him to seek another remedy, the technical delay, if any, is more of ten than not ignored or condoned by courts - Held, yes FACTS For the assessment year 1958-59, the assessment of the petitioner-assessee was completed on 22-8-1959. The assessment was reopened by the ITO and it was concluded that the assessee should be taxed in respect of a further sum of Rs. 50,000. The order of revised assessment was made on 23-7-1963. There was an appeal preferred by the assessee, the result of which was that he has succeeded in part and the addition to the income was determined at Rs. 24,500. The order of the AAC was made on 28-2-1967. The sum of Rs. 24,500 which was added to the taxable income represented the value of the closing stock, which, according to the ITO, ought to have been included in the return for the assessment year 1958-59. In fact, the assessee while submitting his return for the assessment year 1959-60, had already included this item in his taxable income for the said year The return for the year 1959-62 was already accepted and an…

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