1991 (11) TMI 5 - HC - Income Tax

Summary

The High Court of Bombay dismissed an application under section 256(2) of the Income-tax Act, 1961, by the Commissioner of Income-tax, Vidarbha, Nagpur. The application sought a statement of case regarding the set off of unabsorbed depreciation in the hands of partners against firm income for different assessment years. The Tribunal's decision was based on a precedent from the Bombay High Court and was upheld, citing a recent Supreme Court decision in Garden Silk Weaving Factory v. CIT [1991] 189 ITR 512. The application was dismissed without notice.