Error of assessees pointed out by the internal/revenue audit parties be rectified by authorities concerned. - Income Tax - 429/CBDT

INSTRUCTION NO. 429/CBDT Dated: May 14, 1972 In exercise of the powers conferred by clause (a) of sub-section (2) of Section 119 of the I.T. Act, 1961, the Central Board of Direct Taxes hereby orders that wherever an error in favour of the assessees is pointed out by the Internal/Revenue Audit Parties and this has been accepted by the department as final, the same shall be rectified by the authorities concerned, even if the said rectification has to be carried out beyond the period specified in sub-section (7) of Section 154.