https://www.taxtmi.com/caselaws?id=330077 The Court upheld the ITAT order, affirming that the assessee is entitled to deduction under Section 80 IA without setting off losses/unabsorbed depreciation from a previous year. The Court interpreted the term "initial assessment year" in Section 80 IA (5) as per Circular No.1/2016, clarifying the assessee's option to choose the initial year for claiming deduction. It was held that the assessee has the right to select the initial assessment year for deduction under Section 80-IA, with the Court ruling in favor of the assessee and dismissing the revenue's appeal. en-us Wed, 29 Jun 2016 00:00:00 +0530 Sat, 16 Jul 2016 13:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330077 The Court upheld the ITAT order, affirming that the assessee is entitled to deduction under Section 80 IA without setting off losses/unabsorbed depreciation from a previous year. The Court interpreted the term "initial assessment year" in Section 80 IA (5) as per Circular No.1/2016, clarifying the assessee's option to choose the initial year for claiming deduction. It was held that the assessee has the right to select the initial assessment year for deduction under Section 80-IA, with the Court ruling in favor of the assessee and dismissing the revenue's appeal. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330077