In the result revenue’s appeal is dismissed and assessee’s cross-objection is allowed
Bench: Shri Vijay Pal Rao & Shri B.M. Biyani
depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year). Explanation.—For the purposes of assessment or reassessment or recomputation under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment