1999 (12) TMI 33

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..... ing question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to deduction under section 80P(2)(a)(i) and under section 80P(2)(d) of the Income-tax Act, 1961 ?" The assessee claimed certain benefits such as deduction of Rs. 4,04,400 under section 80P(2)(a)(i) of the Income-tax Act .....

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..... s order, dated January 19, 1984, allowed the appeal. The Tribunal has placed reliance on the assessment order for the assessment year 1974-75. The Revenue carried the matter further and the Division Bench of this court in Income-tax Reference No. 124 of 1984 decided on July 20, 1998 answered the reference in favour of the Revenue and against the assessee. There, the claim was made for deduction of .....

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..... der section 80B(5), the Income-tax Officer rightly set off the credit loss of earlier years in accordance with section 72 of the Act and finding that the same exceeded, the Income-tax Officer did not allow the deduction under section 80P of the Act. The principle laid down by the Supreme Court in CIT v. Kotagiri Industrial Co-operative Tea Factory Ltd. [1997] 224 ITR 604 will apply to the facts of .....

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