1990 (12) TMI 69 - HC - Income Tax

Summary

The High Court of Allahabad directed the Tribunal to state three questions for its opinion under section 256(2) of the Income-tax Act. The questions relate to the justification of carrying forward depreciation losses, the interpretation of specific provisions of the Income-tax Act, and the allowance of unabsorbed depreciation for a firm or its partners. The income-tax application was allowed.