1994 (9) TMI 24

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..... Matter No. 434 of 1994 (see [1995] 214 ITR 498). As in that case here there is an intimation under section 143(1)(a) of the Income-tax Act, 1961 (referred to as " the Act "), followed by a regular assessment order under section 143(3). Here too, the assessee's claim of loss on account of fluctuation in exchange rates was allowed under section 143(1)(a) and disallowed under section 143(3). The peti .....

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..... section 154 cannot stand. In addition, section 154(1A) is a complete bar to the issuance of such notice. The matter in respect of which the impugned notice has been issued has been considered and decided by the appellate authority partially in favour of the petitioner and partially in favour of the Department. Section 154(1A) prohibits the Assessing Officer from issuing a notice in respect of su .....

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..... fore the appellate authority or was abandoned or was not pressed we do not know. All that we know is that the Appellate Assistant Commissioner did not pass any order in respect of depreciation and development rebate. Can it be said on these facts that he did not consider and decide the two items ? We are clearly of the opinion that these two items will be deemed to have been considered and decided .....

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