2000 (2) TMI 71 - HC - Income Tax

Claim for relief under section 80J - no claim was made before the Income-tax Officer in earlier years - carry forward - Tribunal took the view that when some relief is permissible under the law and if no specific claim is made even then that should be allowed by the authorities concerned Tribunal is justified in holding that the assessee is entitled to carry forward the claim of relief under section 80J of the Income-tax Act relevant to the years when the assessee suffered loss and is entitled to get the said relief in the year in which the assessee had profits

Summary

The High Court of Gujarat ruled in favor of the assessee regarding the carry forward of relief under section 80J of the Income-tax Act. The Tribunal allowed the claim as the assessee had no positive taxable income in earlier years and made the claim when there was a profit. The court affirmed both questions in favor of the assessee and against the Revenue.