High Court directs Tribunal to state questions on depreciation losses, Act interpretation, unabsorbed depreciation for firm/partners.

The High Court directed the Tribunal to state three questions under section 256(2) of the Income-tax Act regarding depreciation losses, interpretation of Act provisions, and allowance of unabsorbed depreciation for a firm or its partners. The income-tax application was allowed.

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The High Court of Allahabad directed the Tribunal to state three questions for its opinion under section 256(2) of the Income-tax Act. The questions relate to the justification of carrying forward depreciation losses, the interpretation of specific provisions of the Income-tax Act, and the allowance of unabsorbed depreciation for a firm or its partners. The income-tax application was allowed.

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