V.K. Singhal, J.— The Assistant Registrar of the Income Tax Appellate Tribunal has referred the following question of law arising out of its order dated March 3, 1994, in respect of the assessment year 1989-90, under Section 256(1) of the Income Tax Act, 1961 :

"(1) Whether, on the facts and in the circumstances of the case for the purpose of Section 115J of the Act read with Section 205(1)(b) of the Companies Act, 1956, the expression 'loss' under the Companies Act is to be reckoned after allowance of depreciation or before it ?

(2) Having regard to the scheme of Section 115J whether in an assessment year where the assessee's income is computed by invoking the provisions of Section 115J interest under Sections 234B and 234C are leviable ?

(3) Whether, on the facts and in the circumstances of the case, the amounts to be carried forward like unabsorbed depreciation, unabsorbed investment allowance and business loss from an assessment year to which the provisions of Section 115J are applied should be those Which were available to the assessee as at the commencement of the previous year relevant to the said assessment year unaltered by the making of an assessment under Section 11