Amendment of section 254.
94. In section 254 of the Income-tax Act, with effect from the 1st day of June, 2016,-
(a) in sub-section (2), for the words “four years from the date of the order”, the words “six months from the end of the month in which the order was passed” shall be substituted;
(b) in sub-section (2A), the words, brackets, figure and letter “or sub-section (2A)” shall be omitted.
Notes on Clauses:
Clause 94 of the Bill seeks to amend section 254 of the Income tax Act relating to orders of Appellate Tribunal.
Sub-section (2) of the said section provides that the Appellate Tribunal may rectify any mistake apparent from the record in its order at any time within four years from the date of the order.
It is proposed to amend the said sub-section (2) so as to provide that the Appellate Tribunal may rectify any mistake apparent from the record in its order at any time within six months from the end of the month in which the order was passed.
It is further proposed to amend sub-section (2A) of the aforesaid section, so as to omit the reference of sub-section (2A) of section 253. The proposed amendment is consequential in nature in view of omission of sub-section (2A) of section 253.
These amendments will take effect from 1st June, 2016.
