2002 (8) TMI 54

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....ee is a co-operative sugar mill which had received subsidy from the State Government for putting up tenements for its workers, during the assessment year 1979-80. In computing the income for that year, the assessee claimed depreciation in respect of the total cost of the asset. That claim was allowed by the Assessing Officer. The assessment so made was later revised by the Commissioner by exercisi....

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....hether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the order of the Commissioner of Income-tax under section 263 was with jurisdiction when the assessment order had merged with the appellate order dated May 24, 1984, as well as the second appellate order of the Tribunal dated May 15, 1985? (ii) Whether, on the facts and in the circumstances of the ca....

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.... a consequence of the amendment made with retrospective effect, the power of the Commissioner under section 263 of the Act shall extend and shall be deemed always to have extended to such matters as had not been considered and decided in an appeal. In the light of that judgment, the first question referred to us is required to be and is answered in favour of the Revenue and against the assessee. ....