29 September 2010
Subject mater of appeal is issues that are contested in appeal. to illustrate if in a case deduction under section 80IB has been disallowed, by he assessing Officer and it is contested in appeal, the subject matter of apepal is the disallowance of exemption under section 80IB.
As regards revision under section 263, he Commissioner of Income-ax may on his own motion revise any asessment made by any assessing Officer, if h considers hat he action of the assessing Officer in making trhe assessment in a particular manner is prejudicial to the revenue, then he can suo motu call for the records from the assessing Officer and revise the assessment. Or conversely he finds that a particular issue has not been dealt with in the manner i merited which has caused prejudice to revenue, he can revise he assessment confining to the particular issue. He can either set it right or direct the AO to revise it. The time limit available for such revision by the commissioner is two years from he end of he financial year in which the impugned assessment was made.
As regards revision under section 264, it is at the instance of the assessee, in a situation where he finds that the assessing Officer has overlooked certain factual or legal issues, he basis for which exists on record or he had omitted to make certain claims in the return or during he course of assessment.But one condition is hat the assessee should waive the right of appeal and it is the discretion of the Commissioner to reject or entertain the petition. If he rejects i is final for ever and there is no provision in law for any further appeal. On the other hand a revision order passed by the Commissioner can be challenged on appeal before the Tribunal. The time limit available for filing a revision under section 264 is just one year from the date of assessment oder.It is always advisable not to resort to revision under section 264, unless one is certain that the relief sought for would be dfinitely granted.
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