https://www.taxtmi.com/caselaws?id=19148 The High Court of Madras ruled that the set off of deficiency under section 80J(3) of the Income-tax Act should not precede the set off of business loss carried forward from earlier years. The court emphasized the need for certain deductions and adjustments before allowing relief under section 80J. The Tribunal's decision was deemed erroneous, and the court ruled in favor of the Department, denying the assessee's claim. The court answered the question in the negative, supporting the Department's position, with no costs awarded and the counsel's fee fixed at Rs. 1,000. en-us Wed, 09 Nov 1994 00:00:00 +0530 Wed, 04 Nov 2009 12:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19148 The High Court of Madras ruled that the set off of deficiency under section 80J(3) of the Income-tax Act should not precede the set off of business loss carried forward from earlier years. The court emphasized the need for certain deductions and adjustments before allowing relief under section 80J. The Tribunal's decision was deemed erroneous, and the court ruled in favor of the Department, denying the assessee's claim. The court answered the question in the negative, supporting the Department's position, with no costs awarded and the counsel's fee fixed at Rs. 1,000. Case-Laws Income Tax Wed, 09 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19148