https://www.taxtmi.com/caselaws?id=262750 Deduction under section 80-IA is available on the eligible business profits, but the deeming fiction in section 80-IA(5) is confined to computing those profits for the relevant years. Earlier losses of the eligible undertaking that had already been set off against other income cannot be notionally brought forward and re-absorbed while calculating the deduction. The Revenue cannot reopen settled pre-initial assessment year losses for this purpose, and the assessee remains entitled to the section 80-IA deduction on the computed eligible profits. en-us Wed, 08 Jul 2015 00:00:00 +0530 Wed, 19 Aug 2015 07:47:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262750 Deduction under section 80-IA is available on the eligible business profits, but the deeming fiction in section 80-IA(5) is confined to computing those profits for the relevant years. Earlier losses of the eligible undertaking that had already been set off against other income cannot be notionally brought forward and re-absorbed while calculating the deduction. The Revenue cannot reopen settled pre-initial assessment year losses for this purpose, and the assessee remains entitled to the section 80-IA deduction on the computed eligible profits. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262750