1981 (1) TMI 92

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.... erred in directing the ITO to allow during the asst. yr.1972-73 deduction under s. 80J pertaining to the asst. yr. 1971-72 and not claimed in the said year. It is also urged that the AAC erred in holding that there is a mistake apparent from the records for the asst. yr.1972-73 in not considering the claim and directing the ITO to rectify the same. 3. During the asst. yr. 1971-72, the assessee....

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....AAC, it was pointed out by the assessee that all the conditions required for granting the relief have been verified by the ITO for the purpose of granting relief with regard to the asst. yr.1972-73 and that there was no justification for refusing the relief for the asst. yr.1971-72. The AAC accepted the contention of the assessee. He also held that there was a mistake apparent from the record in t....

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....he ITO must determine the amount of deduction before it can be carried forward in a case, where, admittedly, the undertaking has suffered a loss which has been accepted while making the assessment and that the provision is intended to provide incentive to industry by means of relief from tax and provision is also made for carry it forward for seven years, and deduction is permissible even in a cas....