https://www.taxtmi.com/caselaws?id=259400 The court confirmed that the assessee was entitled to claim deduction under Section 80-IA of the Income Tax Act. Relying on previous decisions, the court emphasized that once losses and deductions are set off against previous year's income, they should not be reopened for current year's computation under Section 80IA. Despite pending appeals before the Supreme Court, the court followed the existing High Court decision. The interpretation of "initial assessment year" clarified that losses cannot be notionally brought forward for Section 80-IA deduction. The court dismissed the appeal, upholding the assessee's entitlement to the deduction and closing the matter. en-us Mon, 27 Apr 2015 00:00:00 +0530 Sat, 09 May 2015 11:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259400 The court confirmed that the assessee was entitled to claim deduction under Section 80-IA of the Income Tax Act. Relying on previous decisions, the court emphasized that once losses and deductions are set off against previous year's income, they should not be reopened for current year's computation under Section 80IA. Despite pending appeals before the Supreme Court, the court followed the existing High Court decision. The interpretation of "initial assessment year" clarified that losses cannot be notionally brought forward for Section 80-IA deduction. The court dismissed the appeal, upholding the assessee's entitlement to the deduction and closing the matter. Case-Laws Income Tax Mon, 27 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259400