1992 (8) TMI 23

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..... me-tax Appellate Tribunal in respect of the assessment years 1976-77, 1978-79, 1979-80 and the following questions of law arising out of the order of the Tribunal have been referred under section 256(1) of the Income-tax Act, 1961: Assessment year 1976-77: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the unabsorbed depreciation of Rs. 33 .....

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..... t in Garden Silk Weaving Factory v. CIT [1991] 189 ITR 512, which has been considered in Reference No. 22 of 1983 of the assessee for the assessment year 1972-73 (sic). In the light of the said decision, the references are answered in favour of the assessee and against the Revenue and it is held that the Tribunal was justified in allowing set off of the unabsorbed depreciation of the preceding yea .....

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