Rectification power expanded to allow amendment of tax orders for mistakes apparent, with effect from end of the financial year. The amendment empowers an income-tax authority referred to in section 116 to amend any order under the Act to rectify a mistake apparent from the record, ... Summary
Rectification power expanded to allow amendment of tax orders for mistakes apparent, with effect from end of the financial year.
The amendment empowers an income-tax authority referred to in section 116 to amend any order under the Act to rectify a mistake apparent from the record, and it modifies the retrospective computation by making amendments effective from the end of the financial year in which the order was passed rather than from the date of the order.
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