1995 (12) TMI 65

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....sessment years 1977-78, 1978-79 and 1979-80 at Rs. 88,101, Rs. 96,161 and Rs. 44,594, respectively, is allowable for set-off against the income of the assessment year 1981-82 ? " The facts of the case lie in a narrow compass. The assessee is a registered firm carrying on the business of plying passenger buses. It had unabsorbed depreciation for the assessment year 1977-78, Rs. 88,101 ; assessment year 1978-79, Rs. 96,161 and assessment year 1979-80, Rs. 44,594. For the assessment year 1980-81, there was no unabsorbed depreciation but the assessee had a net loss of Rs. 10,000 after allowing depreciation. In assessment year 1981-82, the assessee returned nil income after adjusting unabsorbed depreciation to the extent of income available a....

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.... year         Amount                                       Rs.                1977-78              88,101                1978-79              96,161                1979-80&n....

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....y question No. 1 to this court for its opinion as above. None appeared for the applicant/assessee. Shri D. D. Vyas, learned counsel appeared for the Department/NA. He is heard. Shri Vyas, learned counsel, submitted that the assessee at whose instance, reference is made, has chosen to remain absent and has, thus, not enabled the hearing of this reference. Under these circumstances, this court is not under obligation to answer the reference and he accordingly prayed that we should decline to answer the reference. In support of his contention, Shri Vyas placed reliance on Jamunadas v. Commissioner of Sales Tax [1993] 38 MPLJ 462. In the case of Jamunadas Kanchand [1993] 38 MPLJ 42 on considering the legal position of the point it is h....