2002 (11) TMI 51

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.... N.V. BALASUBRAMANIAN J.- The Income-tax Appellate Tribunal has stated the case under section 256(1) of the Income-tax Act, 1961 (hereinafter called "the Act"), and referred the following common question of law for the assessment years 1986-87 and 1987-88: "On the facts and in the circumstances of the case, whether the Income tax Appellate Tribunal was right in law in holding that the assesse....

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....-79 and that the assessment year 1983-84 has to be excluded as there was no assessment. The Income-tax Officer rejected the claim of the assessee, which was also affirmed by the Commissioner of Income-tax (Appeals). The Appellate Tribunal accepting the claim of the assessee held that since there was no assessment for the year 1983-84, the assessment year 1983-84 has to be excluded and the perio....

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....ar and the question considered was whether the assessee is entitled to carry forward the development rebate or deduction under section 80J of the Act beyond the period admissible for carry forward of the development rebate and the deduction under section 80J of the Act and the Supreme Court held as under: "The unabsorbed development rebate under section 33 and the unabsorbed deduction under sec....

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....would equally apply to carry forward of business loss as well, as the language employed under section 33(2)(ii) of the Act is similar to the language employed in sub-section (3) of section 72 of the Act, which provides that no loss shall be carried forward for more than eight assessment years immediately succeeding the assessment year for which the loss was first computed. Though there was no asse....