1987 (3) TMI 104

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.... the Income-tax Act, 1961, in relation to the assessment year 1967-68. The facts are that while assessing, the Income-tax Officer found that the income of the assessee came to Rs. 11,33,617 after giving effect to the order of the Appellate Assistant Commissioner. It was also found that there was a large amount of unabsorbed depreciation relating to the assessment years 1963-64 to 1966-67. Besides ....

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....well with the same result. Thus, the Income-tax Officer, the Appellate Assistant Commissioner and the Tribunal all held that in the matter of allowance, unabsorbed depreciation must take precedence over unabsorbed development rebate. The assessee, being aggrieved by the order of the Tribunal, filed an application for reference to this court. Hence, the present reference before us. On the facts ....

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....nd Weaving Mills Ltd. v. CIT [1985] 153 ITR 810, we would refrain from covering the same ground over again. In that case, their Lordships categorically laid down that " it is only after wiping out such (balance) unabsorbed business loss and also the unabsorbed depreciation, the question of any set off of the unabsorbed development rebate can or will arise ". Reference may only be made to the decis....