https://www.taxtmi.com/caselaws?id=60669 The Tribunal held that the carry forward of deficiency under section 80J(3) of the Income-tax Act was not permissible for the appellant, who suffered a loss in the industrial undertaking. The Tribunal dismissed the appeal, affirming the Commissioner (Appeals) decision, albeit on different grounds. The interpretation of section 80J(3) was scrutinized, with the Tribunal emphasizing that the carry forward of deficiency is only allowed when profits or gains are derived from the industrial undertaking or when there are no such profits or gains. Loss in the industrial undertaking does not entitle the assessee to carry forward the deficiency under section 80J(3). en-us Mon, 24 Mar 1986 00:00:00 +0530 Fri, 07 Jan 2011 15:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60669 The Tribunal held that the carry forward of deficiency under section 80J(3) of the Income-tax Act was not permissible for the appellant, who suffered a loss in the industrial undertaking. The Tribunal dismissed the appeal, affirming the Commissioner (Appeals) decision, albeit on different grounds. The interpretation of section 80J(3) was scrutinized, with the Tribunal emphasizing that the carry forward of deficiency is only allowed when profits or gains are derived from the industrial undertaking or when there are no such profits or gains. Loss in the industrial undertaking does not entitle the assessee to carry forward the deficiency under section 80J(3). Case-Laws Income Tax Mon, 24 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60669