1999 (3) TMI 25

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....ered by N. K. AGRAWAL J.---This is a petition under section 256(2) of the Income-tax Act, 1961 (for short "the Act"), filed by the Commissioner of Income-tax, Ludhiana, seeking a direction to the Income-tax Appellate Tribunal, Chandigarh (for short "the Tribunal"), to refer the following questions of law relating to the assessment year 1987-88 to this court for opinion : "(1) Whether, on the....

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....d loss account as nil. A claim for depreciation at Rs. 1,89,094 was also made. Since the profit shown by the assessee was nil, the amount of depreciation was to be carried forward to the next assessment year as a loss. Investment allowance was also claimed at Rs. 1,98,304, but that again could not be allowed in the absence of any positive income. The Assessing Officer, relying upon the comments re....

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.... and the Assessing Officer had, on the basis of the audit report only, disallowed the depreciation. Thus, the assessee had not furnished inaccurate particulars of income. The Department went in appeal against the order of the Commissioner but the Tribunal rejected the appeal agreeing with the Commissioner and also relying upon a decision of this court in CIT v. Prithipal Singh and Co. [1990] 18....