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2020 (10) TMI 709 - AT - Income TaxRectification of mistake u/s 254 - subsequent binding of the Hon’ble jurisdictional High Court, which has reversed the earlier decision - eligibility of Deduction u/s 80P - Tribunal have originally dismissed the Revenue’s appeal by following the decision The Chirakkal Service Cooperative Bank Ltd [2016 (4) TMI 826 - KERALA HIGH COURT] but in Mavilayi Service Co-operative Bank Ltd. [2019 (3) TMI 1580 - KERALA HIGH COURT] has held that its earlier decision in the case of The Chirakkal Service Co-operative Bank Ltd. and Others (supra) is not good law and AO has to conduct an inquiry into the factual situation as to the activities of the assessee-society and arrive at a conclusion whether the benefits can be extended or not in the light of the provisions of sub-section (4) of section 80P - period of limitation - HELD THAT:- Tribunal is a creature of the statute. It has not having the power to read in or read out of a provision of law. The Legislature in its wisdom has laid down the law and the specific provision relating to the powers of the rectification of mistakes in the order of the Tribunal is in section 254(2) of the Income-tax Act, 1961. Admittedly, the order of the Tribunal is dated 24th October, 2016. The miscellaneous application has been filed on 30.09.2019. The six month period in the present case expired on 30th April, 2017. It shows that the time limit of six month is binding on the hands of the Tribunal. This is in line with the decision of the Hon’ble Bombay High Court in the case of Principal CIT v. ITAT [2020 (2) TMI 129 - BOMBAY HIGH COURT] As six month period from the end of the month in which the order has been passed has expired, the order passed by the Tribunal cannot be amended by the Tribunal. Consequently, the miscellaneous application filed by the Revenue stands dismissed.
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