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2014 (6) TMI 297 - HC - Income TaxApplication for rectification of order u/s 154 - AO has passed the order after a lapse of six months – Bar of limitation - Unabsorbed depreciation for quantification of relief u/s 80HHD of the Act – Held that:- u/s 154 of the Act, it is mandatory requirement that the Assessing Authority has to pass the order within a period of six months from the date of receipt of the application - in the circular bearing No.73 dated 7-1-1972 issued by the CBDT it was clarified that if the Assessing Authority do not dispose of the application within the time specified under sub-Section 7 of Section 154, it may be disposed of by that authority even after expiry of the statutory time limit on merit in accordance with law. With regard to the contention of the assessee that if the Assessing Authority failed to pass order within the period of limitation prescribed and the rectification deemed to have been granted is concerned, there is no such provision under the Act. Hence no relief can be given. Further, set off of brought forward loss is not challenged in the appeal. The circular issued by the CBDT is binding on the authorities concerned. - thus, there was no infirmity in the order - the assessee is not entitled for any relief in the appeal – Decided against Assessee.
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