2002 (7) TMI 829 - HC - Income Tax

Summary

The Allahabad High Court, with Justices S.K. Sen and Ashok Bhushan, ruled in favor of the assessee in a case regarding set off of unabsorbed depreciation against income for the assessment year 1977-78. The court cited the Supreme Court's decision in Garden Silk Weaving Factory v. CIT (1991) 189 ITR 512 (SC) to support its decision. The reference was answered in favor of the assessee and against the revenue.