https://www.taxtmi.com/caselaws?id=262593 The Court confirmed the respondent's entitlement to claim deduction under Section 80-IA of the Income Tax Act, emphasizing that once losses and deductions are set off against previous years' income, they should not be reopened for computing current year income under Section 80-IA. The Court held that the eligible business should be treated as the only source of income, and losses from years prior to the initial assessment year should not be brought forward. The Court dismissed the appeal in line with precedent cases, ruling in favor of the assessee and against the Revenue. en-us Wed, 08 Jul 2015 00:00:00 +0530 Thu, 13 Aug 2015 23:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262593 The Court confirmed the respondent's entitlement to claim deduction under Section 80-IA of the Income Tax Act, emphasizing that once losses and deductions are set off against previous years' income, they should not be reopened for computing current year income under Section 80-IA. The Court held that the eligible business should be treated as the only source of income, and losses from years prior to the initial assessment year should not be brought forward. The Court dismissed the appeal in line with precedent cases, ruling in favor of the assessee and against the Revenue. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262593