1989 (2) TMI 58

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1-72. Unabsorbed depreciation of over a lakh of rupees remained after the aforesaid assessment. For the assessment year 1972-73, the assessee-firm was registered. When the case relating to the assessment year 1973-74 was taken up, the assessee wanted to set off the unabsorbed depreciation relating to the assessment year 1971-72 from the firm's income also but that was declined up to the Tribunal i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... year succeeding the assessment year 1973-74 ? On behalf of the assessee, reliance has been placed on the following decisions to answer the question in its favour. CIT v. J. Patel and Co. [1984] 149 ITR 682 (Delhi) ; CIT v. Nagpur Gas and Domestic Appliances [1984] 147 ITR 440 (Bom) ; CIT v. Singh Transport Co. [1980] 123 ITR 698 (Gauhati) and CIT v. Nagapatinam Import and Export Corporation [ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n the earlier decisions of the Delhi High Court were obiter. However, the remaining three decisions of the High Courts relied upon by the Revenue do support their view point. In these circumstances, it has to be seen as to which view is the correct one. After going through the provisions contained in section 32(2) and sections 72(2) and 75(2) of the Income-tax Act, 1961 (for short "the Act"), an .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X