https://www.taxtmi.com/caselaws?id=328581 The court confirmed that the assessee is entitled to the deduction under Section 80IA of the Income Tax Act. It clarified that the "initial assessment year" is the year in which the assessee first claims the deduction, not the year of commencement of operations. Additionally, losses absorbed in years prior to the initial assessment year cannot be brought forward for adjustment. The court dismissed the Revenue's appeal and upheld the Tribunal's decision in favor of the assessee, emphasizing consistency with established legal principles. en-us Tue, 12 Apr 2016 00:00:00 +0530 Wed, 08 Jun 2016 19:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328581 The court confirmed that the assessee is entitled to the deduction under Section 80IA of the Income Tax Act. It clarified that the "initial assessment year" is the year in which the assessee first claims the deduction, not the year of commencement of operations. Additionally, losses absorbed in years prior to the initial assessment year cannot be brought forward for adjustment. The court dismissed the Revenue's appeal and upheld the Tribunal's decision in favor of the assessee, emphasizing consistency with established legal principles. Case-Laws Income Tax Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328581