  Using a moving space curve formalism, geometrical as well as gauge
equivalence between a (2+1) dimensional spin equation (M-I equation) and the
(2+1) dimensional nonlinear Schr\"odinger equation (NLSE) originally discovered
by Calogero, discussed then by Zakharov and recently rederived by Strachan,
have been estabilished. A compatible set of three linear equations are obtained
and integrals of motion are discussed. Through stereographic projection, the
M-I equation has been bilinearized and different types of solutions such as
line and curved solitons, breaking solitons, induced dromions, and domain wall
type solutions are presented. Breaking soliton solutions of (2+1) dimensional
NLSE have also been reported. Generalizations of the above spin equation are
discussed.
