20 February 2013
A notice has been received on Dtd. 02/03/2011 of I.T Act. In the case of A.Y 2005-06 order Dtd. 06/09/2007 on objection raised by Audit party. Order U/s 154 is not passed so far. Can order u/s 154 shall be pass now. (after four years of the assessment order) or notice u/s 148 be issued.
20 February 2013
The prescribed time limit U/s 154(7) is 4 years from the end of the financial year in which the order sought to be amended was passed. . 4 Years to be counted after 31.03.2008. . If the order has been AMENDED by noticing a mistake apparent from the records, the order in question is a valid order. .
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