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TMI Blog2020 (10) TMI 709X X X X Extracts X X X X X X X X Extracts X X X X ..... tuation as to the activities of the assessee-society and arrive at a conclusion whether the benefits can be extended or not in the light of the provisions of sub-section (4) of section 80P - period of limitation - HELD THAT:- Tribunal is a creature of the statute. It has not having the power to read in or read out of a provision of law. The Legislature in its wisdom has laid down the law and the specific provision relating to the powers of the rectification of mistakes in the order of the Tribunal is in section 254(2) of the Income-tax Act, 1961. Admittedly, the order of the Tribunal is dated 24th October, 2016. The miscellaneous application has been filed on 30.09.2019. The six month period in the present case expired on 30th April, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ble jurisdictional High Court has passed an order dated 19.03.2019 in ITA No.97 of 2016 in the case of The Mavilayi Service Co-operative Bank Ltd. v. CIT [(2019) 414 ITR 67 (Ker.) (FB) (HC)], wherein the Hon ble jurisdictional High Court has held that its earlier decision in the case of The Chirakkal Service Co-operative Bank Ltd. and Others (supra) is not good law and the Assessing Officer has to conduct an inquiry into the factual situation as to the activities of the assessee-society and arrive at a conclusion whether the benefits can be extended or not in the light of the provisions of sub-section (4) of section 80P of the Act. It was the submission that the subsequent binding of the Hon ble jurisdictional High Court, which has revers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... six month period in the present case expired on 30th April, 2017. 6. Here we must specifically mention that the reading of the provisions of section 254(2), which reads as follow:- 254(2) The Appellate Tribunal may, at any time within [six months from the end of the month in which the order was passed], with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the [Assessing] Officer. 7. It shows that the time limit of six month is binding on the hands of the Tribunal. This is in line with the decision of the Hon ble Bombay High Court in the case of Principal CIT v. ITAT [Writ Petit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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