https://www.taxtmi.com/caselaws?id=71932 The Tribunal ruled in favor of the Revenue, holding that under Section 80IA(5) of the Income Tax Act, 1961, profits of the eligible business must be computed after deducting notional brought forward losses and depreciation, even if these were set off against other income in prior years. This decision aligns with the legislative intent to prevent artificial inflation or deflation of profits. The Tribunal rejected the assessee's arguments, emphasizing the legal fiction that the eligible business is the sole source of income. The appeals by the Revenue were allowed, and the respondent assessee's points were dismissed. en-us Wed, 30 Apr 2008 00:00:00 +0530 Mon, 18 Dec 2023 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71932 The Tribunal ruled in favor of the Revenue, holding that under Section 80IA(5) of the Income Tax Act, 1961, profits of the eligible business must be computed after deducting notional brought forward losses and depreciation, even if these were set off against other income in prior years. This decision aligns with the legislative intent to prevent artificial inflation or deflation of profits. The Tribunal rejected the assessee's arguments, emphasizing the legal fiction that the eligible business is the sole source of income. The appeals by the Revenue were allowed, and the respondent assessee's points were dismissed. Case-Laws Income Tax Wed, 30 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71932