Board's authorisation for taking action under section 154 beyond time limit specified under section 154(7) in cases of protective assessments requiring to be cancelled - Order under section 119(2)(b)
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Waiver of time limit for cancelling protective assessments allows officers to correct redundant assessments on merits. The Board authorises Income-tax Officers to cancel redundant protective assessments-either suo motu or on application-by treating them as mistakes ... Summary
Waiver of time limit for cancelling protective assessments allows officers to correct redundant assessments on merits.
The Board authorises Income-tax Officers to cancel redundant protective assessments-either suo motu or on application-by treating them as mistakes apparent from record or by admitting and disposing of rectification applications, and, where necessary, to waive the statutory time limit for such action; each relaxation of the time limit must be reported to the Inspecting Assistant Commissioner within one month.
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