TMI Blog1997 (8) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 of 1986 pertaining to the assessment years 1978-79 and 1979-80. As the Tribunal had disposed of Income-tax Appeals Nos. 234 and 262 of 1983 together, the two references arising out of these two appeals are also being disposed of by one and the same order. The Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (hereinafter referred to as the Tribunal), has referred the following ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee's firm against its income for the assessment year 1979-80 and subsequent assessment years?" There was a loss in the case of the assessee on account of unabsorbed depreciation. The loss was allocated amongst the partners. It appears that the loss could not be set off against other income of the partners. It was urged on behalf of the assessee that unabsorbed loss in the hands of the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 and 1979-80 set out in the earlier part of the judgment to this court for its opinion. The controversy stands concluded against the Revenue and in favour of the assessee by two judgments of the Supreme Court in Garden Silk Weaving Factory v. CIT [1991] 189 ITR 512 and CIT v. Singh Transport Co. [1993] 200 ITR 574. In these two judgments it has been held that the unabsorbed depreciation of a re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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