03 March 2012
Yes, as if you see the provision of Section 72(2)for Set off & C/F of losses, talkes about priority list, wherein mentioed that, the Depreciation and other amortization relating to current year will be adjusted first from the income of current year. As section 35 is deduction fr Scientific Research, it will qualify, Set off is available to that extent. Provided Section 80 is complied with.