Law: Income Tax Act, 1922

Section: 10,10(2)(vi),

(a) Income-tax Act (XI of 1922)---S. 10(2)(vi), proviso (b) [as amended by Finance Act (V of 1965))-­Claiming set off against business accounts of unabsorbed deprecia­tion of same assets carried forward from previous years-Assets must be retained for succeeding in such claim-Assets to which unabsorbed depreciation related alienated or not in existence with assessee-Company in meantime-Assessee, held, rightly denied set off and unabsorbed depreciation carried forward rightly ignored in assessment years in question. C. I. T. v. Girdharilal Harivallabhdas Co. Ltd. (1964) 51 I T R 693; C. L T. v. Ravi Industries Ltd. (1963) 49I T R 145 and Sahee Rubbers (P.) Ltd. v. C. I. T. (1963) 48 I T R 464 ref: (b) Interpretation of statutes- --- Amendment in law-Necessarily implies intention on part of Legislature to depart from earlier law in some respects-Redundancy however cannot be readily attributed to Legislature. JUDGMENT SHAFI-UR-REHMAN, J. -This judgment disposes of the following three Tax References, all filed by the same assessee, under section 66(t) of the Income-tax Act:- (1) T. R. No. 194/72, Pakistan Layallpur-Samundari Transport Company Ltd. v. Commissioner of Income-tax Lahore, in respect of the assessment year 1968-69. (2) T. R. No. 196/72, Pakistan Layallpur-Samundari Transport Company Ltd. v. Commissioner o; Income-tax Lahore, in respect of the assessment year 1969-70. (3) T. R. No. 195/ 72, Pakistan Layallpur-Samundari Transport Company Ltd. v. Commissioner of Income-tax, Lahore, in respect of the assess­ment year 1970-71. 2. The petitioner is a private Ltd. Company engaged in the transport business. It had admittedly an unabsorbed depreciation of Rs. 73,708 carried forward from the assessment year 1967-68 requiring consideration in the profit and loss account of the subsequent years. It was taken into consideration and benefit given by the Income-tax Officer for the assessment year 1968-69 of which assessment was finalized by order dated 25-11-1968. On 27-10-1970 a notice was served on the assessee seeking its rectification by disallowing the benefit of the unabsorbed depreciation carried forward from earlier years on the ground that "since the assets to…

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