https://www.taxtmi.com/caselaws?id=15139 Deduction under Section 80P of the Income-tax Act could be claimed only after giving effect to the statutory set-off of earlier year losses. Applying that principle and the approach already accepted in the cited co-operative society line of authority, the court held that where earlier losses exceeded the available income, the deduction could not be allowed on the stated facts. The reference was therefore answered against the assessee and in favour of the Revenue, and the claimed deductions under Section 80P(2)(a)(i) and Section 80P(2)(d) were denied. en-us Mon, 20 Dec 1999 00:00:00 +0530 Mon, 03 Aug 2009 12:42:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15139 Deduction under Section 80P of the Income-tax Act could be claimed only after giving effect to the statutory set-off of earlier year losses. Applying that principle and the approach already accepted in the cited co-operative society line of authority, the court held that where earlier losses exceeded the available income, the deduction could not be allowed on the stated facts. The reference was therefore answered against the assessee and in favour of the Revenue, and the claimed deductions under Section 80P(2)(a)(i) and Section 80P(2)(d) were denied. Case-Laws Income Tax Mon, 20 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15139