Dipak Kumar Sen, J. - (1.) M. A. Paper & Card Board Factory Pvt. Ltd., the assessee, was assessed to income-tax for the assessment years 1975-76 and 1976-77. In the assessments, the assessee claimed relief under Section 80J(3) of the Income-tax Act, 1961, contending that the relief available to the assessee under the said section could not be availed of in the assessment year 1974-75, inasmuch as there were no profits and gains of the assessee in the said assessment year and, therefore, the said deficiency should be carried forward and set off against the profits and gains of the assessee arising in the said two assessment years.
(2.) The Income-tax Officer found that for the assessment year 1974-75 no claim had been made by the assessee for deduction under Section 80J neither in the return nor in any other record.
(3.) The Income-tax Officer, therefore, rejected the claim of the assessee for set off of carried forward deficiency under Section 80J(3).;