-1- bpk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.2 OF 1996 The National Rayon Corp Ltd. : Appellant v/s The Commissioner of Income Tax : Respondent Mr. S.J. Mehta for Appellant Ms. Devaku Iyer i/b Vimal Gupta for respondent Coram : Dr. S. Radhakrishnan S.J. Kathawalla, JJ. Date : 24.9.2008 P.C. . Heard the learned counsel for the appellant and the learned counsel for the respondent. . The following question is argued by the counsel. Whether in the facts and circumstances of the case, the Tribunal was justified in holding that the assessee was not entitled to set off of unabsorbed depreciation of Rs. 11,88,82,242/- in the computation of minimum deemed income under sec. 115J under cl.(iv) of Explanation to sec. 115J(1A)? . Both the learned counsel for the appellant and respondent categorically state that said question of -2- law has already been answered in favour of the assessee and against the revenue by judgment of the Hon’ble Supreme Court in case of Surana Steels Pvt ltd. Deputy Commiossioner of Income Tax 237 ITR 777. In view thereof the reference is answered in favour of the assessee and against the revenue. . The learned counsel Mr. Mehta states that applicant is not keen to proceed with the notice of motion taken out in the above reference. In view thereof notice of motion stands dismissed. (S.J. Kathawalla,J.) (Dr. S.Radhakrishnan,J.)