https://www.taxtmi.com/caselaws?id=327275 The Income-tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal, affirming the assessee's right to select the initial assessment year under section 80-IA of the Income-tax Act. The ITAT ruled that losses from years preceding the chosen initial assessment year should not offset income from the eligible business. This decision clarified that section 80-IA(5) applies from the selected initial assessment year and not retroactively from the business's commencement year. The ITAT's judgment aligned with legal precedents emphasizing the assessee's discretion in determining the initial assessment year for claiming deductions. en-us Wed, 06 Apr 2016 00:00:00 +0530 Sat, 07 May 2016 11:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327275 The Income-tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal, affirming the assessee's right to select the initial assessment year under section 80-IA of the Income-tax Act. The ITAT ruled that losses from years preceding the chosen initial assessment year should not offset income from the eligible business. This decision clarified that section 80-IA(5) applies from the selected initial assessment year and not retroactively from the business's commencement year. The ITAT's judgment aligned with legal precedents emphasizing the assessee's discretion in determining the initial assessment year for claiming deductions. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327275