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2003 (1) TMI 23
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....ng question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the deduction under section 80P of the Income-tax Act should be allowed before set-off of unabsorbed losses of earlier year?" It is agreed by learned counsel for the parties that the controversy involved in the instant reference stand....
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.... total income to make any claim for deduction under section 80P(2)(d). The Commissioner of Income-tax (Appeals) allowed the appeal of the assessee and it was stated by the Commissioner of Income-tax (Appeals) in his order that each year is a separate accounting entity and, accordingly, it is the gross total income of each year, which is relevant for the purpose of deduction and allowance for that ....
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....ion "gross total income" is defined in clause (5) of section 80B in the following terms: "'gross total income' means the total income computed in accordance with the provisions of this Act, before making any deduction under this Chapter." The apex court, after reading the relevant provisions stated above, held as follows: "If section 80P(1) is read with the definition of the expression 'g....