CS Executive · Tax Laws and Practice · Procedural Compliance under Income Tax
An assessee applies for revision under section 378 of the Income-tax Act, 2025 on 15 November 2026, which falls in the financial year 2026-27. Ignoring any exclusions, by which date must the order on that application be passed under section 378(7)?
The order must be passed by 31 March 2028. Section 378(7) allows one year from the end of the financial year in which the application is made, and an application made in November 2026 falls in the year ending 31 March 2027.
- A14 November 2027
- B31 March 2027
- C31 March 2028Correct
- D31 March 2029
Explanation
Section 378(7) requires an order within one year from the end of the financial year in which the application is made. The financial year ends on 31 March 2027, so one year later is 31 March 2028. Counting one year from the application date gives 14 November 2027, which uses the wrong base.
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