1990 (5) TMI 242

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.... Tribunal has referred the following questions Nos. 1, 2 and 3 under s. 256(1) of the IT Act, 1961, before this Court : Ref. Nos. 575 and 576(Cal)/1985. Whether, on the facts and in the circumstances of the case, the Tribunal was right to holding that the assessee being a non-resident shipping company, was not entitled to deduct the deferred rebate of Rs. 10,46,119 (asst. yr. 1976-77) and Rs....

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....assessee, being a foreign shipping company, was not entitled to set off the unabsorbed loss in the amount of Rs. 6,47,67,249 for each of the asst. yrs. 1978-79 and 1979-80 brought forward from earlier years as represented by unabsorbed depreciation for earlier years against the assessees income for the asst. yr. 1979-80. 2. The assessment years involved are 1976-77 to 1979-80 for which the rele....