"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that in working out the income, the assessee registered firm, was entitled to set off of unabsorbed depreciation of the earlier years brought forward against the income liable to assessment for the assessment year 1977-78 ?"
2. None appears for the applicant. We have heard Sri V. Gulati, learned counsel appearing for the respondent.
3. In view of the judgment and decision of the Supreme Court in the case of Garden Silk Weaving Factory v. CIT (1991) 189 ITR 512 (SC), We answer the question referred to in affirmative and decide the reference in favour of assessee and against the revenue.
The reference is accordingly answered.