https://www.taxtmi.com/caselaws?id=261526 Section 80-IA deduction is computed on the profits of the eligible business on a profit-linked basis, and sub-section (5) requires that business to be treated as the only source of income for the relevant period. Losses or depreciation of earlier years that have already been set off against other income cannot be notionally brought forward again to recompute and reduce the deduction. The Madras HC followed the existing binding view and found no factual distinction requiring a different result, so the assessee remained entitled to the deduction and the Revenue's challenge failed. en-us Tue, 07 Jul 2015 00:00:00 +0530 Wed, 15 Jul 2015 06:54:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261526 Section 80-IA deduction is computed on the profits of the eligible business on a profit-linked basis, and sub-section (5) requires that business to be treated as the only source of income for the relevant period. Losses or depreciation of earlier years that have already been set off against other income cannot be notionally brought forward again to recompute and reduce the deduction. The Madras HC followed the existing binding view and found no factual distinction requiring a different result, so the assessee remained entitled to the deduction and the Revenue's challenge failed. Case-Laws Income Tax Tue, 07 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261526