TaxTMI 
TaxTMI 
1984 (6) TMI 34
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....o us by the Income-tax Appellate Tribunal, Hyderabad, for our opinion is: " Whether, on the facts and in the circumstances of the case, the assessee is entitled to relief under section 80J(3) ? " The brief facts to the extent they are relevant to the said question are that the petitioner is a new industry which went into production for the first time in March, 1967. The first assessment took pla....
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....ave become final, the benefit cannot be granted. He, however, rectified under s. 154 the assessment orders for the years 1969-70, 1970-71 and 1971-72 on applications made by the assessee and granted the benefit. But, in so far as the assessment year 1968-69 is concerned, he refused to rectify the order on the ground that that assessment year falls beyond the four years period prescribed under s. 1....
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....necessity for the assessee to make the claim under s. 80J and that for the assessment year 1972-73, when for the first time the assessee made a profit, he is entitled to make a claim for all the four years and that, in such a case, the ITO is bound to grant the benefit for the previous years as well. The Tribunal was of the opinion that the resort to s. 154 was uncalled for and superfluous in the ....
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....de. Sub-s. (3) of s. 80J, which is the relevant sub-section herein, does not expressly require that a claim should be made by the assessee even when no profit is made. Indeed, the said sub-section provides that where there are no profits or gains made for that assessment year or where the deduction exceeds the profits and gains made, the whole or balance of the deduction should be carried forward ....