JUDGMENT

Through instant Reference Application under Section 133 of the Income Tax Ordinance, 2001 ("the Ordinance of 2001"), following question of law, urged to have arisen out of impugned order dated 18.01.2016, passed by learned Appellate Tribunal Inland Revenue, Lahore Bench, Lahore ("Appellate Tribunal"), has been pressed and argued for our opinion:"Whether under the facts and in the circumstances of the case, the learned Tribunal was justified in holding that unabsorbed depreciation of previous years can be adjusted against income from other source ignoring the dictum laid down by the High Court reported as 2000 PTD 363 (H.C. Karachi)?2. Brief facts of the case are that respondent-taxpayer, being a distribution company, filedincome tax return for the tax year 2009 declaring net loss at Rs.22,625,478,526/- which was taken to be an assessment order in terms of Section 120(1) of the Ordinance of 2001. Subsequently, a Show-Cause Notice under section 122(9) of the Ordinance of 2001 was issued ...