Assessee Who Forgot To Claim 'Long Term Capital Loss' In Income Tax Return Can Seek Revision U/S 264: Gujarat High Court

The Gujarat High Court ruled that an assessee who forgot to claim long-term capital loss in their income tax return can seek revision under Section 264 of the Income Tax Act. The case involved an assessee who realized the omission after filing the return and sought to revise it to claim the capital loss. The court held that the assessee is entitled to seek revision and directed the tax authorities to consider the revised claim. The court emphasized the importance of allowing taxpayers to correct genuine errors and omissions in their returns to ensure accurate tax assessments. This decision highlights the need for a flexible and fair approach in tax administration.