Sec. 5A of the Income-tax Act, 1961 - Goan – Assessee challenged the order by which the Principal Commissioner of IT dismissed the petitioner's applications under section 264 of the I.T. Act seeking to revise the returns for A.Yr. 2015-16 and the consequential orders made thereon. High Court held that ”the impugned order also does not reflect that the same was based on the alleged failure on the part of the petitioners to make any fair valuation of the Seraulim property at the stage of their alleged conversion into stock in trade. No doubt, all these matters might be relevant for determining whether this is a case where the petitioners had made a genuine error, as contended by them, or whether, this is a case where the petitioners, merely, by way of an afterthought, seek to invoke provisions of section 264 of the I.T. Act and thereby avoid paying capital gains tax“. The impugned order is accordingly set aside. The matter is remanded to the respondent no. 1 to dispose of petitioners' applications under section 264 of the I.T. Act afresh, on their own merits and in accordance with law. Writ petition allowed. - RAJESH PRAKASH TIMBLO V/s PR. CIT - [2020] 272 TAXMAN 059 (BOM)