https://www.taxtmi.com/caselaws?id=260442 The court dismissed the appeal, affirming the Tribunal's decision that the respondent/assessee is entitled to the deduction under Section 80-IA. The court held that once losses are set off in earlier years, they cannot be reopened for current year computation under Section 80-IA. The court referenced previous decisions supporting profit-linked incentives and clarified that losses should not be notionally brought forward for current year set-offs. The court's interpretation of the "initial assessment year" under Section 80-IA(5) emphasized that only losses from this year onward are relevant for computation, rejecting the Revenue's argument for bringing forward losses from prior years. en-us Mon, 01 Jun 2015 00:00:00 +0530 Fri, 12 Jun 2015 05:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260442 The court dismissed the appeal, affirming the Tribunal's decision that the respondent/assessee is entitled to the deduction under Section 80-IA. The court held that once losses are set off in earlier years, they cannot be reopened for current year computation under Section 80-IA. The court referenced previous decisions supporting profit-linked incentives and clarified that losses should not be notionally brought forward for current year set-offs. The court's interpretation of the "initial assessment year" under Section 80-IA(5) emphasized that only losses from this year onward are relevant for computation, rejecting the Revenue's argument for bringing forward losses from prior years. Case-Laws Income Tax Mon, 01 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260442