1997 (3) TMI 1 - SUPREME COURT

Held that before considering the matter of deduction under section 80P(2), the Income-tax Officer had rightly set off the carried forward losses of the earlier years in accordance with section 72 of the Act and on finding that the said losses exceeded the income, he rightly did not allow any deduction under section 80P(2) - Tribunal was not right in law in holding that the deduction under section 80P should be allowed before set off of unabsorbed losses of earlier year