https://www.taxtmi.com/caselaws?id=385619 The ITAT dismissed the Miscellaneous Application filed by the assessee as it was filed beyond the limitation period prescribed under Section 254(2) of the Income Tax Act, 1961. The ITAT held that the calculation of the limitation period should be from the date the order was pronounced in open court, emphasizing that the power to pass an order under Section 254(2) is constrained by the statutory time limit. The ITAT reiterated that its authority for rectification is derived solely from the statute and cannot exceed the specified time frame. en-us Fri, 06 Sep 2019 00:00:00 +0530 Mon, 09 Sep 2019 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385619 The ITAT dismissed the Miscellaneous Application filed by the assessee as it was filed beyond the limitation period prescribed under Section 254(2) of the Income Tax Act, 1961. The ITAT held that the calculation of the limitation period should be from the date the order was pronounced in open court, emphasizing that the power to pass an order under Section 254(2) is constrained by the statutory time limit. The ITAT reiterated that its authority for rectification is derived solely from the statute and cannot exceed the specified time frame. Case-Laws Income Tax Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385619