what is the exact procedure of filing an application u/s 264 ?
How to file it whether online or offline and with whom we have to file it ?
Under which head appeal fees of Rs 500 is to be paid ?
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Revision of order under section 264 of Income Tax Act
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Quick Summary
Consult with your CA firm or any other firm or professional
Procedure for a Sec 264 revision application:
• Who decides: the Principal Commissioner or Commissioner (PCIT/CIT) having jurisdiction.
• Time limit: within 1 year of the date the order was communicated (or of the date you came to know of it). Delay can be condoned if the PCIT is satisfied there was sufficient cause.
• How to file: file it online on the e-filing portal (Services → "Application under Section 264"), or physically with the PCIT's office. Pay a fee of Rs 500 and attach the order, the grounds and evidence.
• Conditions: no appeal should be pending before the CIT(A) or ITAT against that order, and the time for appeal must have expired (or you waived the right to appeal). The order can be revised only in your favour or to correct an error, not to your prejudice.
• It's useful where a 143(1) intimation wrongly disallowed a claim, or an appeal time has lapsed.
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