https://www.taxtmi.com/caselaws?id=257041 Section 80-IA deduction was available for profits of the eligible business, with the business treated as the only source of income for the relevant computation period. The fiction in Section 80-IA(5) was confined to calculating the deduction from the initial assessment year and did not allow the Revenue to reopen earlier losses that had already been set off against other income. Applying the settled Chapter VI-A interpretation and its earlier binding decision on the same issue, the court found no distinguishing facts and upheld the assessee's claim, rejecting the appeal. en-us Mon, 23 Feb 2015 00:00:00 +0530 Fri, 27 Feb 2015 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257041 Section 80-IA deduction was available for profits of the eligible business, with the business treated as the only source of income for the relevant computation period. The fiction in Section 80-IA(5) was confined to calculating the deduction from the initial assessment year and did not allow the Revenue to reopen earlier losses that had already been set off against other income. Applying the settled Chapter VI-A interpretation and its earlier binding decision on the same issue, the court found no distinguishing facts and upheld the assessee's claim, rejecting the appeal. Case-Laws Income Tax Mon, 23 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257041