1994 (12) TMI 34

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....Department, the Tribunal referred the following question for our opinion under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 79(a) of the Income-tax Act, 1961, the Appellate Tribunal was justified in holding that the earlier years' losses and unabsorbed depreciation should be carried forwa....

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....t the Income-tax Officer was not justified in refusing to carry forward the loss as well as the unabsorbed depreciation. The Commissioner of Income-tax (Appeals) further held that the unabsorbed depreciation should be given the same treatment as that of the current depreciation as per section 32(2) of the Act. On further appeal, the Appellate Tribunal upheld the order passed by the Commissioner of....