https://www.taxtmi.com/caselaws?id=37753 The High Court of Allahabad ruled in favor of the assessee, a registered firm operating a cold storage business, allowing a deduction of Rs.2,30,754 under section 80J of the Income Tax Act for the assessment year 1972-73. The Court upheld the Tribunal's decision to permit the carry forward of deficiencies against income in the fourth year, emphasizing that there was no explicit requirement for the assessee to make a specific claim under section 80J if losses were incurred without available profits or gains for adjustment. The Court awarded costs of Rs. 200 to the assessee. en-us Thu, 17 Aug 1978 00:00:00 +0530 Wed, 31 Mar 2010 17:44:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37753 The High Court of Allahabad ruled in favor of the assessee, a registered firm operating a cold storage business, allowing a deduction of Rs.2,30,754 under section 80J of the Income Tax Act for the assessment year 1972-73. The Court upheld the Tribunal's decision to permit the carry forward of deficiencies against income in the fourth year, emphasizing that there was no explicit requirement for the assessee to make a specific claim under section 80J if losses were incurred without available profits or gains for adjustment. The Court awarded costs of Rs. 200 to the assessee. Case-Laws Income Tax Thu, 17 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37753