An Income Certificate in Telangana is valid for one year from its issue date. Since your previous one was 3 years old, it was rightly rejected. However, reapplying for a new, current I.F statement is the crucial step you've taken.

if you successfully apply and obtain a valid, current Income Certificate and submit it during the final phase of seat allotment and document verification, it should be considered. The key is ensuring your reapplication and acquisition of the certificate are within the designated timeframe for the final phase.

Also,You should ensure your newly applied I.F statement reflects an income within limits.