Amended and updated notes on section 262 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Hearing before Supreme Court.
Chapter XX (Sections 246 to 269) of the Income Tax Act 1961 deals with the provisions related to appeals and revision . Section 262 of IT Act 1961 provides for Hearing before Supreme Court.
Recently, we have discussed in detail section 261 (Appeal to Supreme Court) of IT Act 1961. Today, we learn the provisions of section 262 of Income-tax Act 1961. The amended provision of section 262 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 262 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-262: Hearing before Supreme Court
Section 262(1) of Income Tax Act
The provisions of the Code of Civil Procedure, 1908 (5 of 1908), relating to appeals to the Supreme Court shall, so far as may be, apply in the case of appeals under section 261 as they apply in the case of appeals from decrees of a High Court :
Provided that nothing in this section shall be deemed to affect the provisions of sub-section (1) of section 260 or section 265.
Section 262(2) of Income Tax Act
The costs of the appeal shall be in the discretion of the Supreme Court.
Section 262(3) of Income Tax Act
Where the judgment of the High Court is varied or reversed in the appeal, effect shall be given to the order of the Supreme Court in the manner provided in section 260 in the case of a judgment of the High Court.