NDLI: Commissioner of Income Tax, Patiala Vs. Patiala Flour Mills Co. Pvt. Ltd., Patiala

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	lncon1e Tax Act 1961
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Income Tax Act, 1961 (43 of 1961)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	lncome Tax Act, 1961, Section 80 J - Interpretation of. The Respondent·assessee claimed in its assessment to tax for the assessment year 1970-71 that the amounts of deficiency under Sec. 80J for the current as well as past assessment years were liable to be adjusted against the profit of Rs. 1,51,011/- earned by its cold storage plant which was a new industrial undertaking to which sub-section ( 4) of Sec. 80J of the Income Tax Act applied. The assessee did not make any profit in the business of cold storage plant during the assessment years 1967-68, 1968-69 and 1969-70, but there was profit in the other businesses and the losses, depreciation allowance and development rebate in respect of the cold storage plant were adjusted against the profit from the other businesses in computing the total income of the assessee chargeable to tax for those assessment years. The Income Tax Officer and in appeal the Appellate Assistant Commissioner rejected the claim of the assessee for adjustment. But in further appeal the Tribunal held that since the losses as well as depreciation allowance and development rebate in respect of the cold storage business for the past assessment years were already adjusted against the profit from other businesses, no part of such losses, depreciation allowance or development rebate remained unabsorbed so as to be carried forward and set off against the profit for the assessment year 1970-71 and hence the profit of Rs. 1,51,011/- from the cold storage business was not liable to be reduced by any such set off and the assessee was entitled to claim that from out of such profit there should be deducted, first, the amount of Rs. 83,891/- representing the relevant amount of capital employed during the previous year and then the amounts of deficiency for the past assessment years. The High Court on a reference, at the instance of the Revenue answered the question in favour of the assessee.
Judge	Honble Mr. Justice P.N. Bhagwati
Neutral Citation	1978 INSC 200
Petitioner	Commissioner Of Income Tax, Patiala
Respondent	Patiala Flour Mills Co. Pvt. Ltd., Patiala
SCR	[1979] 1 S.C.R. 1128
Judgement Date	1968-10-06
Case Number	2395

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