1990 (5) TMI 242

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..... f the IT Act, 1961, before this Court : Ref. Nos. 575 and 576(Cal)/1985. Whether, on the facts and in the circumstances of the case, the Tribunal was right to holding that the assessee being a non-resident shipping company, was not entitled to deduct the deferred rebate of ₹ 10,46,119 (asst. yr. 1976-77) and ₹ 9,30,341 (asst. yr. 1977-78) allowed to the shippers from the gross fr .....

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..... set off the unabsorbed loss in the amount of ₹ 6,47,67,249 for each of the asst. yrs. 1978-79 and 1979-80 brought forward from earlier years as represented by unabsorbed depreciation for earlier years against the assessees income for the asst. yr. 1979-80. 2. The assessment years involved are 1976-77 to 1979-80 for which the relevant periods of accounts are the accounting year ended on 31 .....

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