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2013 (10) TMI 153 - HC - Income TaxPower of Settlement commission to rectify or review its order - Order of Settlement commission did not take into account the unabsorbed depreciation – Held that:- This is a fit case where the power of rectification could and should have been exercised - While passing the order, the Settlement Commission overlooked an important fact which would go to the root of the matter - If the petitioner was entitled to set-off income against the carry forward unabsorbed depreciation, the Commission was bound to look into the same and accord such treatment as under the law was required - Commission was required to bear in mind this important aspect which would have a bearing on the assessment orders. Under such circumstances, the Commission ought to have recalled its order of settlement for the assessment years 2009-10 and 2010-11 by granting the application for rectification – Ordered accordingly.
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