1978 (10) TMI 29

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....a reference under s. 256(1) of the I.T. Act, 1961, made by the Income-tax Appellate Tribunal, referring for our answer the following question of law. "Whether the Tribunal was right in holding that the assessee-firm is not entitled to carry forward and set off the unabsorbed loss of Rs. 60,419 of the earlier years against its income computed in the assessment year 1970-71 for the purpose of lev....

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....and they alone shall be entitled to have the amount of the loss set off and carried forward for set off under sections 70, 71, 72, 73, 74 and 74A. (2) Nothing contained in sub-section (1) of section 72, sub-section (2) of section 73, sub-section (1) of section 74 or sub-section (3) of section 74A shall entitle any assessee, being a registered firm, to have its loss carried forward and set off u....

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....he losses of the previous years in the assessment year 1970-71. The learned counsel for the assessee referred us to Kanga and Palkhivala's Income-tax, seventh edn., Vol. 1, p. 633, where the learned authors have commented that the other view, for which the assessee contends before us, can be accepted on a liberal construction of the provisions. With great respect, we are unable to agree. Accept....

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....plication, there should be uniformity of construction as far as possible, and this principle also compels us to reject the construction submitted by the assessee. The learned counsel for the assessee also submitted that the entire loss of Rs. 60,419 is not business loss and that it is partly depreciation loss. The statement of the case, however, proceeds upon the assumption that the whole of it....