TMI Blog1987 (3) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 1967-68. The facts are that while assessing, the Income-tax Officer found that the income of the assessee came to Rs. 11,33,617 after giving effect to the order of the Appellate Assistant Commissioner. It was also found that there was a large amount of unabsorbed depreciation relating to the assessment years 1963-64 to 1966-67. Besides unabsorbed depreciation, there was also unabsorbe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer, the Appellate Assistant Commissioner and the Tribunal all held that in the matter of allowance, unabsorbed depreciation must take precedence over unabsorbed development rebate. The assessee, being aggrieved by the order of the Tribunal, filed an application for reference to this court. Hence, the present reference before us. On the facts mentioned above, the Tribunal has referred the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would refrain from covering the same ground over again. In that case, their Lordships categorically laid down that " it is only after wiping out such (balance) unabsorbed business loss and also the unabsorbed depreciation, the question of any set off of the unabsorbed development rebate can or will arise ". Reference may only be made to the decisions relied on by the Kerala High Court in CIT v. Gu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision of any court has come to light taking a view contrary to the view taken by the Kerala, Mysore, Gujarat and Madras High Courts and ourselves. For the reasons stated above, the question referred to us is answered in the negative, in favour of the Revenue and against the assessee. No one has appeared on behalf of the assessee. Probably the assessee is not interested in the reference any mor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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