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TMI Blog1993 (6) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 41(2) of the Income-tax Act, 1961, at Rs. 60,643. He also granted consequential relief under section 80T of the Income-tax Act so far as long-term capital gains were concerned. The assessee carried the matter in appeal before the Appellate Assistant Commissioner and, in the said appeal, contended that the sale of its plant, machinery, factory building, etc., was accompanied by its quota rights as well as licences held by the assessee and, therefore, in arriving at the assessee's profit under section 41(2) of the Act, as well as long-term capital gains, a deduction should have been allowed in respect of the value of the quota rights and the licence. It was contended that this claim should be considered on the merits in the interest of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er for consideration of an aspect of the matter which was never before the Income-tax Officer and on which the assessee was never aggrieved ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in confirming the order of the Appellate Assistant Commissioner in setting aside the assessment for consideration of an aspect of the matter which was never before the Income-tax Officer and on which the assessee was not aggrieved ? 3. Whether the order of the Income-tax Appellate Tribunal in confirming the decision of the Appellate Assistant Commissioner in setting aside the assessment for computation of capital gains is correct in law and sustainable from the material on record ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n this context, it has been observed that the powers of the Appellate Assistant Commissioner are not confined to the subject-matter of the appeal, but extend to the subject-matter of the assessment. The entire assessment is thrown open before the Appellate Assistant Commissioner, and so long as it does not travel outside the matters considered and determined by the Income-tax Officer, he can correct any decision of the Income-tax Officer in the course of the assessment even if the assessee is satisfied with it and has not specifically challenged it in the appeal. The order of the Appellate Assistant Commissioner would thus consist of various decisions on matters which may be raised in appeal by the assessee or considered suo motu by the App ..... X X X X Extracts X X X X X X X X Extracts X X X X
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