TMI Blog1979 (7) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... .T. Act, 1961, at the instance of the Commissioner of Income-tax, Madras : " Whether, on the facts and in the circumstances of the case, it has been rightly held that the assessee would be entitled to relief under section 80-I of the Income-tax Act, 1961, on the gross income before adjustment of carried forward losses of the earlier years as well as set off of deficiencies under section 80J carr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granted before the deduction of the business losses brought forward from the earlier years but after the deduction of the unabsorbed depreciation of the prior years. For the assessment year 1971-72 also, the AAC accepted the assessee's contention that the amount of relief under s. 80-I should be computed with reference to the profits and gains of the priority industry before setting off the losses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the relief under s. 80E, which corresponds to s. 80-I. It was held that in computing profits of the assessee for the purpose of the deduction provided under s. 80E, items of unabsorbed depreciation and unabsorbed development rebate carried forward from earlier years will have to be deducted before arriving at the figure on which the percentage contemplated by s. 80E is to be computed. Applying t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 80-I has to be worked out. In this view, the question for the assessment year 1971-72 has to be answered as follows : The assessee would be entitled for relief under s. 80-I on the gross total income after adjustment of carried forward losses of the earlier years but before the adjustment of the deficiencies under s. 80J carried forward from the earlier years. There will be no order as to cost ..... X X X X Extracts X X X X X X X X Extracts X X X X
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