JUDGMENT

Bhagwati, J. - The assessee, a private limited company, carried on several businesses amongst which there was a business of cold storage plant. This cold storage plant was put up in the accounting year relevant to the assessment year 1967-68 and it was a new industrial undertaking to which sub-section (4) of Section 80-J of the Income Tax Act, 1961 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. No loss and no part of the depreciation allowance or development rebate in respect of the cold storage plant remained unabsorbed so as to be available for carry forward and set off in the assessment year 1970-71. The business of cold storage plant turned the corner after the initial teething trouble and it made a profit of Rs. 1,51,011 in the assessment year 1970-71 after taking into account the curr