2000 PLP 1266 (PTD)
COMMISSIONER OF INCOME-TAX Versus HYDRAZINES AND ALLIED CHEMICALS
| Citation | 2000 PLP 1266 (PTD) |
| Forum / Court | 234 ITR 804 |
| Bench Members | G. C. Garg and N. K. Agrawal, JJ |
| Parties | COMMISSIONER OF INCOME-TAX Versus HYDRAZINES AND ALLIED CHEMICALS |
| Primary Law | Income-tax |
Q1: What are the key laws and sections cited in 2000 PLP 1266 (PTD)?
This judgment primarily cites: Income-tax as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2000 PLP 1266 (PTD)?
The case was heard and decided by the 234 ITR 804 bench comprising: G. C. Garg and N. K. Agrawal, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2000 PLP 1266 (PTD) (COMMISSIONER OF INCOME-TAX Versus HYDRAZINES AND ALLIED CHEMICALS). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- R. P. Sawhney, Senior Advocate with Rajesh Bindal for the Commissioner.
Headnotes / Summary
Registered firm
Unabsorbed depreciation allocated to partners
Balance not set off against partners' income
Firm entitled to carry it forward
Indian Income Tax Act, 1961, S.32. A registered' firm is entitled to carry forward unabsorbed depreciation from earlier years and the benefit of unabsorbed depreciation for the purposes of set off in. the subsequent years has to go to the firm itself and not to the parties. Garden Silk Weaving Factory v. CIT (1991) 189 ITR 512 (SC) fol. CIT v. Mahavir Steel Rolling Mills (1989) 179 ITR 377 (P & H) and Pearl Woollen Mills v. CIT (1989) 179 ITR 368 (P & H) ref. R. P. Sawhney, Senior Advocate with Rajesh Bindal for the Commissioner. Nemo for the Assessee.
Judgment & Decree
N.K. AGRAWAL, J.
The following question of law has been referred to this Court under section 256(1) of the Income Tax Act, 1961: Assessment year 1983-84: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee, a registered firm is entitled to carry forward unabsorbed depreciation from earlier years and the benefits of unabsorbed depreciation for the purpose of set off in the subsequent years has to go to the firm itself and not to the partners?" A similar question was examined by this Court in Pearl Woollen Mills v. CIT (1989) 179 ITR 368 and CIT v. Mahavir Steel, Rolling Mills (1989) 179 ITR
377. The view expressed by this Court stands affirmed by the Supreme Court in Garden Silk Weaving Factory v. CIT (1991) 189 ITR
512. This reference is, therefore, disposed of with answer to the question in the affirmative, i.e., against the Department of Revenue and in favour of the assessee. M.B.A./4039/FC Reference disposed.