https://www.taxtmi.com/caselaws?id=68985 The Tribunal upheld the reopening of assessment for the assessment year 1972-73 under section 147(b) of the Income-tax Act, 1961, disallowing deduction for foreign exchange entitlement certificate charges. It clarified that its decision was based on prevailing law and could not be altered by subsequent Supreme Court decisions. The Tribunal emphasized the limitation period for rectification under section 254(2) of the Act and dismissed the rectification application, highlighting the importance of adhering to statutory time limits and respecting the finality of decisions within the legal framework. en-us Mon, 23 Jul 1984 00:00:00 +0530 Mon, 04 Apr 2011 12:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68985 The Tribunal upheld the reopening of assessment for the assessment year 1972-73 under section 147(b) of the Income-tax Act, 1961, disallowing deduction for foreign exchange entitlement certificate charges. It clarified that its decision was based on prevailing law and could not be altered by subsequent Supreme Court decisions. The Tribunal emphasized the limitation period for rectification under section 254(2) of the Act and dismissed the rectification application, highlighting the importance of adhering to statutory time limits and respecting the finality of decisions within the legal framework. Case-Laws Income Tax Mon, 23 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68985