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2015 (9) TMI 1626 - SC - Income TaxApplication u/s 256(2) - rectification of mistake - Held that:- High Court [1987 (4) TMI 20 - BOMBAY HIGH COURT]] is clearly wrong in observing that the proceedings got finality on 8.4.1987 when the reference application under Section 256(2) of the Act was dismissed by the High Court. Admittedly, it is this order dated 8.4.1987 which was the subject matter of appeal before this Court and the appeal was dismissed on 16.01.2001. Therefore, the order dated 8.4.1987 passed by the Bombay High Court had not attained finality. We find that the proceedings got finalized only on 16.01.2001 [2001 (1) TMI 1001 - SUPREME COURT] when the appeal of the assessee was dismissed by this Court. If the period of limitation is reckoned from that date the certificate issued on 15.7.2004 is well within four years of limitation provided under law. The recovery certificate was, therefore, not time barred as held by the High Court in the impugned judgment.
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