A mistake apparent from record can be rectified by the authority concerned within four years from the end of the financial year in which the order sought to be rectified was passed. The authority has to pass an order under Section 154 within six months. In cases where the proposed rectification involves a debatable question, no rectification which is adverse to the assessee can be made. In certain special cases where the additional tax payable involved exceeds Rs. 10,00,000, application for the settlement of the case can be made to the Income Tax Settlement Commission. |
