Bombay High Court
Commissioner Of Income-Tax vs Sahu Rubbers Pvt. Ltd. on 15 November, 1988
Equivalent citations: [1989]179ITR29(BOM)
Author: S.P. Bharucha
Bench: S.P. Bharucha
JUDGMENT Bharucha, J.
1. The question that arises in this reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the Revenue, reads thus :
"Whether, on the facts and in the circumstances of the case, the assessee company was entitled to set off the unabsorbed depreciation allowance amounting to Rs. 51,547 of the years 1950-51 and 1951-52 against its income under other heads and sources of the assessment year 1971-72 ?"
2. Counsel are agreed that the question must be answered in the affirmative and in favour of the assessee, having regard to the judgment of this court in CIT v. Estate and Finance Ltd. [1978] 111 ITR 119.
3. The question is accordingly so answered.
4. No order as to costs.