Law:

Section:

Section 80-I of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings, etc., after certain dates - Assessment year 1985-86 - Whether section 80-I lays down a complete codified scheme in itself for deciding not only eligibility but also for computation of relief to which assessee is entitled and, therefore, it cannot be said that computation under section 80-I(1) is independent of eligibility under sub-section (2) of said section - Held, yes Section 263, read with section 80-I, of the Income-tax Act, 1961 - Revision - Of orders prejudicial to interest of revenue - Assessment year 1985-86 - Assessee-company claimed relief under section 80-I - Assessing Officer allowed claim partially by reworking and reducing relief available - On appeal, Commissioner (Appeals) allowed assessee's claim in entirety - Thereafter, Commissioner passed an order under section 263 disallowing claim under section 80-I on ground that new industrial undertaking of assessee was formed by reconstruction/splitting up of old business - On appeal, assessee challenged jurisdiction of Commissioner to exercise powers under section 263 on ground that order of Assessing Officer having been merged with order of Commissioner (Appeals), it could not be revised under section 263 - Tribunal rejected assessee's contention holding that Commis- sioner (Appeals) had not considered issue regarding eligibility under section 80-I and, therefore, there was no merger of assessment order on that issue - Whether when deduction under section 80-I was granted by Assessing Officer after disallowing a part of claim which was carried in appeal before Commissioner (Appeals), requirement of fulfilment of conditions stipulated by sub-section (2) of section 80-I was very much subject-matter of appeal and, therefore, prohibition imposed by Explanation (c) to section 263 would be applicable to instant case - Held, yes - Whether even otherwise, when Assessing Officer after making due inquiries, had adopted one view and granted partial relief under section 80-I, merely because Commissioner took a different view of matter, it would not be sufficient to permit Commissioner to exercise powers under…

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