https://www.taxtmi.com/caselaws?id=21924 The High Court of Calcutta ruled in a case involving the interpretation of section 80J(3) of the Income-tax Act, 1961 that an industrial undertaking suffering a loss is entitled to carry forward the deficiency under section 80J(3). The Court disagreed with the Tribunal's decision and emphasized that the provision allows for the deduction of the relevant amount to be carried forward and adjusted against profits and gains of subsequent years for up to seven years, even in cases of shortfall or deficiency. The judgment favored the assessee, allowing for the carry forward of deficiency in the case of loss in a new industrial undertaking. en-us Fri, 10 Aug 1990 00:00:00 +0530 Fri, 04 Dec 2009 12:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21924 The High Court of Calcutta ruled in a case involving the interpretation of section 80J(3) of the Income-tax Act, 1961 that an industrial undertaking suffering a loss is entitled to carry forward the deficiency under section 80J(3). The Court disagreed with the Tribunal's decision and emphasized that the provision allows for the deduction of the relevant amount to be carried forward and adjusted against profits and gains of subsequent years for up to seven years, even in cases of shortfall or deficiency. The judgment favored the assessee, allowing for the carry forward of deficiency in the case of loss in a new industrial undertaking. Case-Laws Income Tax Fri, 10 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21924