Shri Satish Chandra, A.M. - (1.) THESE appeals by the assessee arise out of the two separate orders dated 13-2-1991 and 7-3-1991 passed by the CIT(A)-I, Indore, pertaining to the assessment years 1972-73, 1973-74 and 1974-75.
(2.) The assessee has common grievance in these appeals that the CIT(A) erred in confirming the order of the Assessing Officer not allowing proper set off of carried forward losses of past years. The assessee has been represented by Shri M. Mehta, C.A. and the Revenue was represented by Shri Brajesh Gupta, Sr. D.R. Both have been heard at length.
(3.) BRIEFLY stated, the facts are that the assessee claimed before the Assessing Officer that after adjusting current year's depreciation and carry forward business losses the inter se priority between different kinds of allowances as admissible under the Act should be allowed in the following order : (i) Unabsorbed deduction under section 80J. (ii) Unabsorbed development rebate. (iii) Unabsorbed depreciation.;