2001 (4) TMI 67

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....) of the Income-tax Act, 1961, this court directed the Tribunal to refer the following question, set out at page 2 of the statement of case, for our opinion: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the allowance of the carry forward and set off of the earlier year's losses from tea growing and manufacturing business against th....

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....l Tea Development Corporation, a Government of West Bengal undertaking. During the accounting year, therefore, the assessee received only service charges on account of services rendered to other companies in the matter of tea cultivation. The assessee-company, therefore, claimed set off of the business losses incurred while it was running the tea gardens against the income by way of service charge....

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....the business, the carry forward of unabsorbed loss should be allowed to be set off against the business of the current assessment year and in appeal before the Tribunal, the Tribunal has confirmed the view taken by the Commissioner of Income-tax (Appeals) and also followed the decisions of the Supreme Court in the case of Hooghly Trust (Pvt.) Ltd. v. CIT [1969] 73 ITR 685 and B. R. Ltd. v. V. P. G....

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....the income earned by the assessee in the export business. In the case in hand the facts are not in dispute that the assessee has suffered a loss while running the tea garden before the tea garden was taken over by the Government of West Bengal and thereafter, received the income on account of services rendered by the assessee to other companies in the matter of tea cultivation, In the case in h....