https://www.taxtmi.com/caselaws?id=21304 The High Court of Calcutta ruled in favor of the assessee regarding the deduction under section 80J(1) of the Income-tax Act for losses from an industrial undertaking, allowing the deduction to be carried forward and set off against future profits. However, the court sided with the Revenue in disallowing the deduction for a liability arising from a breach of contract quantified after the previous year, as the liability was not legally enforceable due to the absence of a court decree enforcing the arbitrator's award. en-us Fri, 31 Aug 1990 00:00:00 +0530 Sat, 21 Nov 2009 13:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21304 The High Court of Calcutta ruled in favor of the assessee regarding the deduction under section 80J(1) of the Income-tax Act for losses from an industrial undertaking, allowing the deduction to be carried forward and set off against future profits. However, the court sided with the Revenue in disallowing the deduction for a liability arising from a breach of contract quantified after the previous year, as the liability was not legally enforceable due to the absence of a court decree enforcing the arbitrator's award. Case-Laws Income Tax Fri, 31 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21304