1996 (2) TMI 56

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....ssessee, the Tribunal has stated the case and referred the undernoted question of law on Application No. 65/(Ind) of 1989 for the assessment year 1982-83 in connection with the order passed by the Tribunal in I. T. A. No. 773/(Ind) of 1985 : " Whether, on the facts and in the circumstances of the case, the unabsorbed depreciation of the firm for the assessment years 1977-78, 1978-79, 1979-80 an....

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....bunal. Aggrieved, the assessee filed the aforesaid application under section 256(1) of the Income-tax Act, 1961. On that application, the Tribunal stated the case and referred the question as noted above. We have heard Shri Puntambekar, learned counsel for the applicant assessee, and Shri D. D. Vyas, learned counsel for the non-applicant-Department. Shri Puntambekar submitted that the Tribun....

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....far as carrying forward of loss is concerned, section 75 places the restriction that it can be carried forward only in the hands of a partner of a firm. But there is no such restriction so far as carrying forward of depreciation under section 32 of the Act is concerned. The absence of such restriction or limitation in section 32 of the Act in permitting carrying forward of depreciation is a clear ....