1981 (3) TMI 60

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..... that for the assessment year 1967-68, he had by his earlier order carried forward deficiencies under s. 80J beyond the assessment year 1973-74, took action under s. 154 of the I.T. Act for rectification and found that the deficiency could not be carried forward beyond the seventh assessment year as reckoned from the end of the initial assessment year under prov. (i) to s. 80J(3). In those proceed .....

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..... 80B(5) contemplates that the total income has to be computed in accordance with the provisions of the I.T. Act before making any deduction under Chap. VI-A in which s. 80J is included. This definition thus makes it clear that unabsorbed depreciation has to be first taken into account before the gross total income for the purposes of Chap. VI-A is considered. This position appears to us to be unas .....

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