RASHTRIYA VIKAS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee-petitioner filed a revision petition under Section 264 of the Income-tax Act, 1961, relating to the income-tax assessment year 1975-76 as is evident from annexure III attached with the writ petition.

(2.) ONE of the grounds taken in the revision petition was as below :

(3.) LEARNED counsel for the petitioner has contended before us that the revisional court has misappreciated the import of the ruling relied upon and reported in Addl. CIT v. Gurjargravures P. Ltd. [1978] 111 ITR 1 (SC) ; it has also been stressed before us that the aforesaid ruling has been explained and distinguished later on and that the revisional court has patently erred in not examining the claim of the assessee-petitioner on merits.