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2002 (5) TMI 14 - RAJASTHAN HIGH COURT"Whether, Tribunal was justified in cancelling the order passed by the Commissioner of Income-tax under section 263?" - Law Applicable - The apex court in CIT v. Shri Arbuda Mills Ltd. has held that the consequence of the amendment made with retrospective effect is that the powers under section 263 of the Commissioner 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 instant case, it is not in dispute that the Commissioner of Income-tax (Appeals) had not decided the question with respect to bonus, incentive and interest to the partners, the depreciation on generator at 30 per cent. and investment allowance of Rs. 7,554 to the firm in order to fulfil the conditions laid down under section 32A. Thus, the Commissioner of Income-tax has rightly exercised the jurisdiction under section 263 of the Income-tax Act for the purpose of revising the order of the Income-tax Officer on the aforesaid items. - Thus, the question referred is decided in favour of the Revenue and against the assessee.
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