09 May 2011
sir as the assessee can file rectification application with in 4 years from the end of year in which ORDER SOUGHT TO BE AMENDED so sir if assessment made on 31.12.2007 for AY 2005-2006 NOW assessee files application on 15 march 2012 so there is only 15 days for rectification order u\s 154 and now if assessing officer is not not able to decide what should he do?
09 May 2011
The law is as follows:- With effect from 1.6.01, sub-section (8) in section 154 provides that where an application for amendment under this sub-section is made by an assessee on or after 1.6.01 to an income-tax authority referred to in the said section, the authority shall pass an order within six months from the end of the month in which the application is received by it, either making the amendment or refusing to allow the claim.
CAclubindia
