COMMISSIONER OF INCOME TAX Vs. CACHAR NATIVE JOINT STOCK LIMITED

JUDGEMENT

(1.) THE following question has been referred for the opinion of this court under Section 256(1) of the Income-tax Act, 1961, on the prayer of the Revenue. THE question runs as follows :

(2.) THE present reference relates to the assessment years 1976-77 to 1981-82. As the questions in all the assessment years are common, the appeal was disposed of by the Commissioner of Income-tax (Appeals) by a consolidated order dated July 19, 1983, allowing the appeal. THE Commissioner held that the assessee is entitled to set off the loss incurred in the earlier years. THE order of the Commissioner was affirmed by the Appellate Tribunal by a consolidated order dated February 21, 1985, vide annexure 'C' to the paper book.

(3.) WE have heard Mr. D. K. Talukdar, learned counsel for the Revenue, and Mr. N. M. Lahiri, the learned senior advocate, for the assessee.