Two Rectification Orders Can be Passed Beyond 4 Years Time Limit!

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rectification orderThe provision of rectification u/s 154 provides a time limit of four years from the end of the financial year in which the order should to be rectified was passed . It means that if an order was passed in Financial Year 2007-08 , the last date up to which that order was can be rectified is 31st March 2012.It is also true that the provision of rectification u/s 154 provides that where assessee applies for rectification of an order of assessing officer, the application for rectification has to be disposed off within six months from the end of month in which the application for rectification was made by the tax payer before A.O.

However, it is also the reality that in many cases the rectification order is not passed even after the lapse of stipulated time limit of four years .

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