https://www.taxtmi.com/caselaws?id=326145 The High Court upheld the Income Tax Appellate Tribunal's decision allowing the assessee to claim deduction under Section 80IA without setting off losses/unabsorbed depreciation. The Court supported the Tribunal's interpretation of the term 'initial assessment year' in Section 80IA(5) as the year chosen by the assessee for claiming deduction, not necessarily the year of commencement of the eligible business. The Court emphasized adherence to the Central Board of Direct Taxes' circular clarifications and dismissed the appeal, stressing the importance of following established legal interpretations and avoiding repeated appeals on settled issues. en-us Wed, 23 Mar 2016 00:00:00 +0530 Sat, 16 Apr 2016 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326145 The High Court upheld the Income Tax Appellate Tribunal's decision allowing the assessee to claim deduction under Section 80IA without setting off losses/unabsorbed depreciation. The Court supported the Tribunal's interpretation of the term 'initial assessment year' in Section 80IA(5) as the year chosen by the assessee for claiming deduction, not necessarily the year of commencement of the eligible business. The Court emphasized adherence to the Central Board of Direct Taxes' circular clarifications and dismissed the appeal, stressing the importance of following established legal interpretations and avoiding repeated appeals on settled issues. Case-Laws Income Tax Wed, 23 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326145