1992 (8) TMI 23

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..... 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. 33,825 in the case of the firm which has been allocated .....

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..... 89 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 years from the profits of the, firm for the assessm .....

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