( 1 ) REVENUE is before us seeking for an answer to the following question of law: whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in holding that the assessment order passed by the Assessing Officer allowing the claim of the assessee for adjustment of the unabsorbed depreciation against the income from other sources was in order and hence cannot be considered to be erroneous or prejudicial to the interests of revenue and in cancelling the order Under Section 263?

( 2 ) FACTS are as under:

The respondent-assessee is 100% export oriented industrial unit in terms of the provisions of section 10-B. Any profits and gains derived by it from the said export oriented undertaking are not liable to be included in the total income of the assessee. Although the industrial operations are stated to have been commenced in assessment year 1988-89, the assessee however, did not claim the benefits Under Section 10-B in assessment years 1988-89, 1989-90 and 1990-91. On the other hand, it claimed the said benefits for a connective period of 5 years starting from assessment year 1992-93. In assessment year 1994-95, the ass