1993 (8) TMI 18

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...., under section 256(1) of the Income tax Act, 1961 : "Whether in view of the facts and circumstances of the case, the Tribunal was right in law in holding that the relief under section 80HH of the Income-tax Act, 1961, should be considered after considering unabsorbed losses and depreciation ?" The assessee installed Carbaryl plant in a backward area. In the assessment year 1976-77, the asse....

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....the decision of the Commissioner of Income-tax as it agreed with the view taken by the Income-tax Officer and, therefore, restored the order passed by the Income-tax Officer. The assessee, therefore, sought a reference to this court. The contention raised by the assessee that gross total income was required to be worked out without deducting the unabsorbed losses and unabsorbed depreciation ....