TMI Blog2008 (6) TMI 342X X X X Extracts X X X X X X X X Extracts X X X X ..... reckoned in the computation of capital gains on the sale of the theatre building. Held that- there was no justification for the Tribunal to interfere with the section 263 order merely because different High Court had taken different views in the matter. Since the Tribunal had not considered the issue on the merits of the order of the Tribunal was liable to se aside and matter was remanded to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depreciation should not be reckoned in the computation of capital gains on the sale of the theatre building. Similarly, deduction of retrenchment compensation allowance granted by the officer on closure of the business in the theatre was found to be irregular by the Commissioner. The third ground on which reopening is made is on account of short-assessment of capital gains inasmuch as the sale pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we should consider the findings of the Tribunal on other issues because the order of the Tribunal is liable to be interfered with on this ground alone. Prima facie depreciation can be reckoned in the computation of capital gains under section 50 of the Act only if it was allowed as provided under the provisions of the Act. The Department's case is that returns were not filed by the assessee and co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is court. We do not find any justification for the Tribunal to interfere with the section 263 order merely because different High Courts have taken different views in the matter. If the findings entered by the Commissioner are right, then he was justified in interfering with the assessment under section 263 of the Act. Therefore, the Tribunal could not have interfered with the order of the Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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