TaxTMI 
TaxTMI 
2014 (6) TMI 297
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....ioner of Income Tax (Appeals) (for short 'the First Appellate Authority') and the Assessing Authority wherein the Assessing Authority rejected the application filed by the assessee under Section 154 of the Act for rectification of the assessment order dated 11-08-2004. 2. The assessee is a Public Limited Company carrying on the hotel business. The appellant-assessee filed return of income for the assessment year 1997-98 on 19-11-1997 declaring the total income comprising of income from business, capital gain and other sources. The said return was originally processed under Section 143(1)(a) subsequently, it was revised under Section 143(1)(b) to adjust the brought forward loss and depreciations of the earlier years. The said order was rect....
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....o include the interest from Bill of Discount as income from business even for the purpose of computing deduction under Section 80HHD. 3. The Assessing Officer in order to give effect to the order passed by the Tribunal as well as the First Appellate Authority, passed the revised assessment order on 11-8-2004 in accordance with the directions issued by the Tribunal. The assessee filed an application under Section 154 of the Act on 31-12-2004 for rectification of the revised assessment order dated 11-08-2004. After lapse of more than six months, the said application was rejected by the Assessing Authority on 20th October 2005. Being aggrieved by the said rejection order, the assessee preferred an appeal before the Commissioner of Income-Tax ....
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....al was justified in impliedly holding that the Assessing Authority can set off the unabsorbed depreciation by arriving at the profit for quantification of the relief under Section 80HHD of the Act, contrary to the decision of CIT(A) which had become final for the relevant assessment year in the appellant's own case.? 6. We have carefully considered the arguments addressed by the parties and perused the impugned orders and other relevant records. 7. The records clearly disclose that in pursuance of the order passed by the Tribunal as well as the First Appellate Authority, the Assessing Authority in order to give effect to the said order, passed the revised assessment order on 11-08-2004 giving deduction under Section 80HHD and also depreci....