9911796707
TMI Blog1996 (7) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... Department (CIT, Bhopal), the Tribunal has stated the case and referred the undernoted question, labelled as of law, on application presented under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), and registered as RA. No. 57/Ind of 1994 for the assessment year 1989-90 arising out of the order dated November 11, 1993, passed by the Tribunal in ITA No. 581/Ind of 1991 : "Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Rs. 1,50,35,100. It was so computed because the assessee's income was nil for purposes of regular assessment under section 143(3) of the Act (annexure "A"), Aggrieved by the computation of book profits as arrived at by the Assessing Officer, the assessee filed an appeal before the Commissioner of Income-tax (Appeals). It was contended that the set off be allowed in respect of unabsorbed depreci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, learned counsel for the non-applicant. It is brought to our notice that a similar question was considered by this court in ITR No. 8 of 1995 (CIT v. Adoon Electronics P. Ltd. [1998] 232 ITR 528) and was answered against the Department by order dated July 12, 1996. We notice that the Tribunal passed the order on consideration of its decision in Surana Steels P. Ltd. v. Deputy CIT [1993] 201 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epreciation of the earlier years as well. According to the Special Bench decision, the expression 'loss' in Explanation (iv) to section 115J would mean 'net loss after deduction of depreciation'." The apex court noted in Garden Silk Weaving Factory v. CIT [1991] 189 ITR 512, that there was a strong cleavage of opinion among the various High Courts in regard to the point in question and after cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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