https://www.taxtmi.com/caselaws?id=448548 The ITAT Jodhpur ruled in favor of the assessee regarding rectification application timing. The revenue authorities incorrectly argued the application was filed after 5 years, but the tribunal held that the 4-year limitation period runs from the date of the order sought to be rectified, not the original order. Since the assessee filed the rectification application on 23.05.2017 for an assessment order dated 02.06.2014, it was within the statutory time limit. The appeal was allowed, clarifying that Interest Subsidy under TUFS and Electricity duty subsidy under RIPS were properly treated as revenue receipts. en-us Thu, 18 Jan 2024 00:00:00 +0530 Sun, 21 Jan 2024 23:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448548 The ITAT Jodhpur ruled in favor of the assessee regarding rectification application timing. The revenue authorities incorrectly argued the application was filed after 5 years, but the tribunal held that the 4-year limitation period runs from the date of the order sought to be rectified, not the original order. Since the assessee filed the rectification application on 23.05.2017 for an assessment order dated 02.06.2014, it was within the statutory time limit. The appeal was allowed, clarifying that Interest Subsidy under TUFS and Electricity duty subsidy under RIPS were properly treated as revenue receipts. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448548