(11)(a)Where the profits and gains chargeable for the tax year before allowing the deduction under sub-sections (1) to (10) is less than such allowable deduction, then––(i)if such profits and gains is not a loss, the deduction under sub-sections (1) to (10) shall be allowed to the extent of the available profits and gains;(ii)if such profits and gains is a loss, no deduction under sub-sections (1) to (10) shall be allowed;(b)the amount of deduction which has not been allowed under clause (a) shall be added to the allowable deduction under this section, whether available or not, for the succeeding tax year and the total amount shall be deemed to be eligible for deduction in that year, and so on for the succeeding tax years; and(c)the provisions of this sub-section shall be subject to the provisions of sections 112(3) and 113(4).
