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2015 (2) TMI 864 - HC - Income TaxPeriod of limitation to submit/prefer the rectification application u/s 254(2) - what will be the date of commencement of the period of limitation of four years as provided under section 254(2) of the Income-tax Act ? - whether period would commence from the judgment and order passed by the Tribunal, which is sought to be reviewed or the date on which the petitioner-assessee actually received the judgment and order passed by the Tribunal, which is sought to be reviewed/rectified ? - Held that:- In the present case, the Tribunal passed the judgment and order on February 20, 2007, which is sought to be rectified, which has been admittedly received by the assessee on November 19, 2008. The petitioner- assessee preferred the application on May 9, 2012, i.e., after a period of three years, six months and twenty days from the date of receipt of the judgment and order passed by the Tribunal dated February 20, 2007, however, beyond the period of four years from the actual date of the judgment and order passed by the Tribunal, i.e., February 20, 2007. Income-tax Appellate Tribunal has committed a grave error in dismissing the rectification application on the ground that the same is barred by limitation. From the date of receipt of the impugned judgment and order passed by the Tribunal, which is sought to be reviewed, it can be seen that the rectification application has been submitted within the period of four years from the date of actual receipt of the judgment and order and, therefore, it is to be held that the same is within the period of limitation as per section 254(2) of the Income-tax Act. Under the circumstances, the impugned order passed by the Income-tax Appellate Tribunal cannot be sustained.Tribunal was within the period of limitation as provided under section 254(2) of the Income-tax Act and the matter is now remanded to the Income-tax Appellate Tribunal to decide the rectification application/ miscellaneous application submitted by the petitioner-assessee in accordance with law and on its own merits. - Decided in favour of assessee.
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