9911796707
TMI Blog1981 (1) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... during the asst. yr.1972-73 deduction under s. 80J pertaining to the asst. yr. 1971-72 and not claimed in the said year. It is also urged that the AAC erred in holding that there is a mistake apparent from the records for the asst. yr.1972-73 in not considering the claim and directing the ITO to rectify the same. 3. During the asst. yr. 1971-72, the assessee was assessed at a net loss of Rs. 23 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that all the conditions required for granting the relief have been verified by the ITO for the purpose of granting relief with regard to the asst. yr.1972-73 and that there was no justification for refusing the relief for the asst. yr.1971-72. The AAC accepted the contention of the assessee. He also held that there was a mistake apparent from the record in the ITO not considering the claim with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction before it can be carried forward in a case, where, admittedly, the undertaking has suffered a loss which has been accepted while making the assessment and that the provision is intended to provide incentive to industry by means of relief from tax and provision is also made for carry it forward for seven years, and deduction is permissible even in a case where the formality of making a claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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