https://www.taxtmi.com/caselaws?id=256936 The Tribunal held in favor of the appellant, ruling that the "initial assessment year" for claiming deduction under section 80-IA should be the year the option for deduction is exercised, not the year the business commenced operations. Consequently, only losses incurred from the "initial assessment year" onwards should be set off against profits. The appellant's deduction claims for the relevant assessment years were allowed without setting off losses from previous years. The orders of the Commissioner of Income-tax (Appeals) were set aside, and the Assessing Officer was directed to recompute and allow the deduction accordingly. en-us Wed, 12 Dec 2012 00:00:00 +0530 Thu, 26 Feb 2015 05:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256936 The Tribunal held in favor of the appellant, ruling that the "initial assessment year" for claiming deduction under section 80-IA should be the year the option for deduction is exercised, not the year the business commenced operations. Consequently, only losses incurred from the "initial assessment year" onwards should be set off against profits. The appellant's deduction claims for the relevant assessment years were allowed without setting off losses from previous years. The orders of the Commissioner of Income-tax (Appeals) were set aside, and the Assessing Officer was directed to recompute and allow the deduction accordingly. Case-Laws Income Tax Wed, 12 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256936