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2024 (1) TMI 947 - AT - Income TaxRectification of mistake - period of limitation - application within the statutory time limit or not? - A mistake arising as a result of a subsequent interpretation of law by the Supreme Court - nature of receipt - Interest Subsidy received under Technology Upgradation Fund Scheme (TUFS) and Electricity duty subsidy under Rajasthan Investment Promotion Scheme (RIPS) has been treated as revenue receipt by the AO as well as the ld. CIT(A) - HELD THAT:- The Act provides for a period of 4 years from the date of order sought to be rectified and not 4 years from original order. Hence, if an order is revised, set aside, etc., then the period of 4 years will be counted from the date of such fresh order and not from the date of original order. See M/S. KASHMIR STEEL ROLLING MILLS & VICE VERSA [2015 (1) TMI 1265 - ITAT AMRITSAR], M/S NITIN SPINNERS LTD. [2021 (9) TMI 430 - SC ORDER], M/S BR AGROTECH LTD. [2021 (9) TMI 233 - ITAT DELHI], NULUX ENGINEERS [2018 (10) TMI 1908 - ITAT MUMBAI] In this case, the assessee filed return of income on 29.09.2012 and the same has been assessed u/s 143(3) vide order dated 02.06.2014. The assessee filed letter for rectification on 23.05.2017. Thus, we find that the rectification application filed by the assessee is within the time allowed, hence the observation of the revenue authorities that the issue has been raised after a period of 5 years is wrong on facts - Assessee appeal allowed.
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