Assessee Forgot to Claim Long Term Capital Loss in Income Tax Return: Gujarat HC Directs to Seek Revision U/S 264

The Gujarat High Court directed an assessee who forgot to claim a long-term capital loss in their income tax return to seek a revision under Section 264 of the Income Tax Act. The court emphasized that taxpayers should be allowed to rectify genuine mistakes through the revision process. This ruling ensures that taxpayers are not unduly penalized for inadvertent errors and can correct their tax filings to accurately reflect their financial position. The decision promotes fairness and accuracy in the tax assessment process.