https://www.taxtmi.com/caselaws?id=262317 The Court held that the assessee was entitled to claim deduction under Section 80-IA of the Income Tax Act without reopening previous years' losses and deductions that were already set off. The Court relied on precedents and statutory provisions to conclude that once losses and deductions have been set off against previous year's income, they should not be reopened for the computation of current year income under Section 80-IA. The Court ruled in favor of the appellant/assessee, setting aside the Tribunal's order and allowing the tax cases. en-us Thu, 23 Jul 2015 00:00:00 +0530 Fri, 07 Aug 2015 06:37:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262317 The Court held that the assessee was entitled to claim deduction under Section 80-IA of the Income Tax Act without reopening previous years' losses and deductions that were already set off. The Court relied on precedents and statutory provisions to conclude that once losses and deductions have been set off against previous year's income, they should not be reopened for the computation of current year income under Section 80-IA. The Court ruled in favor of the appellant/assessee, setting aside the Tribunal's order and allowing the tax cases. Case-Laws Income Tax Thu, 23 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262317