- (1.) This appeal, by certificate granted by the Madras High Court u/s. 261 of the Income-tax Act, 1961, arises out of a reference made by the Tribunal in which the following question was answered by the High Court in favour of the assessee and against the revenue - CIT V/s. Concord Industries Ltd., 1979 119 ITR(Mad.) 458: Whether, on the facts and in the circumstances of the case, it has been rightly held by the Tribunal that the provisions of sec. 79 would not apply to unabsorbed depreciation and development rebate
(2.) We have heard Shri Ranbir Chandra, the learned counsel appearing for the revenue, in support of the appeal. One of the conditions for the applicability of sec. 79 is that there should be a change in the shareholding of the company. Shri Ranbir Chandra has not been able to show that a finding has been recorded by any authority regarding the change of shareholding of the company for the applicability of sec. 79. We, therefore, do not find any merit in the appeal and it is, accordingly, dismissed. No order as to costs.;