https://www.taxtmi.com/caselaws?id=62802 The tribunal upheld the ITO's rectification order under section 154 of the Income-tax Act, 1961, correcting the double deduction of expenses. It affirmed the ITO's jurisdiction to rectify the mistake in giving effect to the AAC's decision on allowable revenue expenditure for the assessment year 1971-72. Additionally, the tribunal clarified the time limitation provision under section 154(7), determining that the order was not time-barred as it fell within the prescribed period based on the General Clauses Act definition of a year. en-us Tue, 15 Nov 1983 00:00:00 +0530 Fri, 21 Jan 2011 18:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62802 The tribunal upheld the ITO's rectification order under section 154 of the Income-tax Act, 1961, correcting the double deduction of expenses. It affirmed the ITO's jurisdiction to rectify the mistake in giving effect to the AAC's decision on allowable revenue expenditure for the assessment year 1971-72. Additionally, the tribunal clarified the time limitation provision under section 154(7), determining that the order was not time-barred as it fell within the prescribed period based on the General Clauses Act definition of a year. Case-Laws Income Tax Tue, 15 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62802