Deduction u/s 80J - When the working of the unit or hotel or ship results in a loss, relief under section 80J will not be admissible for set off against positive income from any other source of income.

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.... Statute: Income - Tax Act, 1961 The Board had occasion recently to consider a case where a deduction in respect of profits of a new industrial undertaking was allowed under section 80J of the Income-tax Act, 1961 even though the unit's working showed a loss. This has resulted in an objection from Revenue Audit. The Board have accepted the objection. 2. Section 80J relief applies only when ....