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TMI Blog2004 (12) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Act, 1961, for opinion to this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in allowing claim of the assessee in respect of deduction under section 80HH of the Income-tax Act, 1961?" Briefly stated the facts involved in the present case are as under: The present reference relates to the assessment year 1982-83. The respondent company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 80HH of the Income-tax Act. This claim was allowable only if after deduction of depreciation, investment allowance and carry forward losses, the resultant figure comes to profit. In this case after deduction of depreciation investment allowance and carried forward unabsorbed depreciation and other losses, the resultant figure is loss. Hence, the assessee is not entitled to the deduction under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entirely in agreement with the reasoning adopted in this case and therefore, on the basis of the said decision, we accept the claim of the assessee." We have heard Sri A.N. Mahajan, learned standing counsel for the Revenue, and nobody has appeared on behalf of the respondent-assessee. Learned standing counsel submitted that in view of the definition of gross total income as given in section 80B(5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e business losses of the earlier years as required under section 72 of the Act, before allowing deduction under section 80P. As section 80HH also falls under Chapter VI-A of the Act in view of the specific finding of gross total income given in section 80B(5) of the Act the set off of losses is to be first done before allowing deduction under section 80HH of the Act. As in the present case after t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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