(a)in calculating such tax no account shall be taken of—(i)any loss incurred by the employer in respect of any previous accounting year and carried forward under any law for the time being in force relating to direct taxes;(ii)any arrears of depreciation which the employer is entitled to add to the amount of the allowance for depreciation for any following accounting year or years under sub-section (2) of section 32 of the Income-tax Act;(iii)any exemption conferred on the employer under section 84 of the Income-tax Act or of any deduction to which he is entitled under sub-section (1) of section 101 of that Act, as in force immediately before the commencement of the Finance Act, 1965 (10 of 1965);
