1988 (6) TMI 4

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..... aw have been referred to this court under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case and on a correct interpretation of the relevant provisions of the Income-tax Act, 1961, the Tribunal was correct in law in holding that setting off of the brought forward losses of the earlier years against the business profit of the current year unde .....

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..... deduction of the unabsorbed depreciation or development rebate of the earlier years from the current year's business income, under section 32 or section 33 and section 34 of the Income-tax Act, 1961, was part of the computation of the total income and, therefore, the unabsorbed depreciation of Rs. 13,11,059 was deductible from the profits of the current year in computing the total income and also .....

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