ITAT clarifies period of limitation for filing rectification application U/s. 254(2)

By this application, the assessee seeks recall of the order dated 21.06.2016 on the ground that the Tribunal erred In holding that the assessee did not furnish any evidence with regard to the unexplained investment, overlooking the fact that written submissions were filed which contained detailed explanation. 2. At the outset it may be noticed that as per the present practice followed by the Tribunal, the order was pronounced on 21.06.2016 in the open court and the time limit, reckoned from the end of the month in which the order was passed, is six months for seeking recall i.e., parties are e...