https://www.taxtmi.com/caselaws?id=770091 The HC upheld the Appellate Commissioner's powers under Section 251 to examine issues that were subject matter of assessment orders, even when Section 154 rectification applications were pending. The court ruled that unabsorbed depreciation could be set off against long-term capital gains income under Section 32(2) as it existed during AY 2001-02. However, the matter was remanded to the AO for fresh MAT computation under Section 115JB, as the assessee's book profit computation was found erroneous. The court confirmed that provision for deferred tax liability under AS 22 constitutes unascertained liability for MAT purposes. en-us Tue, 29 Apr 2025 00:00:00 +0530 Mon, 05 May 2025 12:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770091 The HC upheld the Appellate Commissioner's powers under Section 251 to examine issues that were subject matter of assessment orders, even when Section 154 rectification applications were pending. The court ruled that unabsorbed depreciation could be set off against long-term capital gains income under Section 32(2) as it existed during AY 2001-02. However, the matter was remanded to the AO for fresh MAT computation under Section 115JB, as the assessee's book profit computation was found erroneous. The court confirmed that provision for deferred tax liability under AS 22 constitutes unascertained liability for MAT purposes. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770091