https://www.taxtmi.com/caselaws?id=4622 The Supreme Court clarified that under Section 254(2) of the Income Tax Act, 1961, the Tribunal has the authority to rectify mistakes within four years from the date of the order, whether initiated by the Tribunal, assessee, or Assessing Officer. The Court overturned the High Court's ruling that limited the Tribunal's power to rectify mistakes within the four-year period, emphasizing the need for timely disposal of rectification applications. The case was remanded to the High Court for a fresh decision, instructing a comprehensive review of all arguments on merits. en-us Thu, 01 May 2008 00:00:00 +0530 Fri, 29 Jan 2010 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4622 The Supreme Court clarified that under Section 254(2) of the Income Tax Act, 1961, the Tribunal has the authority to rectify mistakes within four years from the date of the order, whether initiated by the Tribunal, assessee, or Assessing Officer. The Court overturned the High Court's ruling that limited the Tribunal's power to rectify mistakes within the four-year period, emphasizing the need for timely disposal of rectification applications. The case was remanded to the High Court for a fresh decision, instructing a comprehensive review of all arguments on merits. Case-Laws Income Tax Thu, 01 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4622