TMI Blog2003 (10) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... here being no carry forward of allowable deductions under the head depreciation or development rebate which needed to be absorbed against the income of the current year and, therefore, recomputation of income for the purpose of computing permissible deduction under section 80-I for the new industrial undertaking was not required in the present case. - - - - - Dated:- 21-10-2003 - Judge(s) : RAJESH BALIA., SUNIL KUMAR GARG. JUDGMENT The judgment of the court was delivered by Rajesh Balia J. - This appeal is directed against the order dated April 30, 2001, passed by the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur (for short "the Tribunal"), whereby the Tribunal has decided Appeals Nos. 663, 664, 666 and 700 of 1994 by a co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 30,66,000 from the pre-incentive total income, the gross total income works out to Rs. 8,06,572 whereas the total allowance under Chapter VI-A works out at Rs. 19,30,247 and under section 80A(2), the aggregate amount of deductions under Chapter VI-A cannot exceed the gross total income of the assessee. Finding this to be an apparent mistake, a notice under section 154 of Act was issued to the assessee. The Assessing Officer was also of the opinion that the deductions allowable under section 80-I of the Act have also been wrongly computed and, therefore, he sought to work out the computation of deduction under section 80-I afresh. As the question suggests, the question regarding rectification of computation of deduction under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax (Appeals), it was found that there was no carry forward of losses of the previous year from the industrial undertaking which needed to be adjusted against the income of the priority industry for the current year. It was pointed out by the Commissioner of Income-tax that the entire losses of the previous year had been absorbed against the income of the assessment year 1983-84 and there being no carry forward of losses from 1983-84, there was no question of its further absorption against the income of the new undertaking for the assessment year 1984-85. The Commissioner of Income-tax after noticing the decision of the Supreme Court found that the case before the Supreme Court was one in which carried forward losses of the priority ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on finding the fact that there was no carry forward losses of 1983-84, which could be set off against the income of the current assessment year 1984-85, the recomputation of income from the new industrial undertaking by setting off the carry forward of unabsorbed depreciation or depreciation allowance from previous year did not simply arise and on the finding of fact noticed by the Commissioner of Income-tax (Appeals), which has not been disturbed by the Tribunal and challenged before us, there was no error much less any error apparent on the face of the record which could be rectified. That question would have been germane only if there would have been carry forward of unabsorbed depreciation and unabsorbed development rebate or any othe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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