1. 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?"
2. 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.
3. 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.