HIND WIRE INDUSTRIES vs COMMISSIONER OF INCOME TAX

The Supreme Court examined the interpretation of Section 154 of the Income Tax Act regarding the time limit for rectification applications. The Court held that the four-year limitation period for filing a rectification application should be calculated from the date of the amended order, not the original assessment order. The Court reversed the High Court's decision, affirming the Tribunal's ruling that the application was within time, thereby entitling the assessee to the claimed depreciation allowance.