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HC held that the Appellate Commissioner possesses wide powers under Section 251 to review issues from the original Assessment Order, including those addressed in Section 154 rectification applications. The court clarified two key principles: (i) when no appeal is pending, the Income Tax Department can invoke Section 263 revision powers if a Section 154 order is erroneous, and (ii) during pending appeals, the Appellate Commissioner can enhance tax liability for assessment order subjects. Regarding unabsorbed depreciation, the court interpreted Section 32(2) to allow set-off against business profits or other assessable income for the relevant assessment year. The matter was remanded for reassessment, with directions to complete proceedings within six months and recompute Minimum Alternate Tax calculations accurately.
HC held that the Appellate Commissioner possesses wide powers under Section 251 to review issues from the original Assessment Order, including those addressed in Section 154 rectification applications. The court clarified two key principles: (i) when no appeal is pending, the Income Tax Department can invoke Section 263 revision powers if a Section 154 order is erroneous, and (ii) during pending appeals, the Appellate Commissioner can enhance tax liability for assessment order subjects. Regarding unabsorbed depreciation, the court interpreted Section 32(2) to allow set-off against business profits or other assessable income for the relevant assessment year. The matter was remanded for reassessment, with directions to complete proceedings within six months and recompute Minimum Alternate Tax calculations accurately.
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