- (1.) This appeal filed by the assessee relates to the assessment year 1991-92, for which the accounting year ended on 31-3-1991. The appeal arises out of the assessment made under section 143(3) of the Act. The only issue in dispute is regarding the consequences arising from the applicability of the provisions of section 115J of the Act and their impact on the assessees right to carry forward and set off losses and allowances.
(2.) We may start with a brief resume of the facts. The following unabsorbed depreciation/losses were available to the assessee for being brought forward to the assessment relating to the assessment year 1989-90 : JUDGEMENT_51_LAWS(CAL)5_19951.html
(3.) On appeal, the view of the ITO was upheld.;