1984 (6) TMI 34

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....JEEVAN REDDY J.-The question referred to 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....

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....sessment orders in respect of those years have 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 ....

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....68-69 to 1971-72, there was no occasion or 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. 1....

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....aid section in the year in which profit is made. 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 balanc....