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2009 (12) TMI 15 - HC - Income TaxAllowance for brought forward losses - Claim of deduction u/s 80HH and 80-I - The business income – held that – The Assessing Officer has to take into account the provisions of Section -71 providing for set off of loss from one head against income from another and Section -72 providing for carry forward and set off of the business loss. Section 32(2) makes provision for carry forward and set off of the unabsorbed depreciation of a particular year. The effect of the above mentioned provisions is that while computing the total income, the losses carried forward and depreciation have to be adjusted and thereafter the Assessing Officer has to work out the gross total income of the assessee - . Sub-section (2) of section 80A specifically enacts that the aggregate of deductions under Chapter VI-A should not exceed the gross total income of the assessee. If the gross total income is found to be a net loss on account of the adjustment of losses of the earlier years or "nil", no deduction under this Chapter can be allowed - Synco Industries Limited [2008 -TMI - 3485 - Supreme court] followed
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