The said view of the Income Tax Officer was number accepted by the Appellate Assistant Commissioner who held that deduction under Section 80 P should first be made out of the income and thereafter the losses of the previous year were to be set off.
It carries on business in manufacture and sale of tea from brought tea leaves and the purchase and supply of agricultural manure to members.
This appeal, by certificate, is directed against the judgment of the Madras High Court dated January 22, 1982 in Tax Case No.
The Income Tax Officer first set off the loses of previous years that had been carried forward against the income and since the losses were in excess of the income, he held that numberdeduction was permissible under Section 80 P of the Income Tax Act, 1961 hereinafter referred to as the Act .
In the previous year relevant to the assessment year 1972 73 the assessee earned a total income of Rs.
The said decision of the Appellate Assistant Commissioner was affirmed in appeal by the Income tax Appellate Tribunal hereinafter referred to as the Tribunal .
The Kotagiri Industrial Co operative Tea Factory Ltd., respondent hereinafter referred to as the assessee is a companyoperative society.
53,386 under Section 80 P 2 from the income of Rs.
The assessee claimed a deduction of Rs.
The losses of the earlier year which had been carried forward to the said assessment year were Rs.
It is also deriving income from dividend from investments with other companyoperative societies.
85,150.
1,82,744.
85,150.
407 of 1977.
