https://www.taxtmi.com/caselaws?id=332818 The High Court of Madras upheld the ITAT's decision to not carry forward notional loss for the purpose of deduction under Section 80 IA for the Assessment Year 2008-09. Relying on precedent cases, the Court emphasized that once losses and deductions are set off in previous years, they should not be revisited for current year deductions. The Court dismissed the Revenue's appeal, affirming that notional losses set off against income in prior years should not be considered for deduction calculations in subsequent years under Section 80 IA. en-us Tue, 16 Aug 2016 00:00:00 +0530 Tue, 27 Sep 2016 12:01:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332818 The High Court of Madras upheld the ITAT's decision to not carry forward notional loss for the purpose of deduction under Section 80 IA for the Assessment Year 2008-09. Relying on precedent cases, the Court emphasized that once losses and deductions are set off in previous years, they should not be revisited for current year deductions. The Court dismissed the Revenue's appeal, affirming that notional losses set off against income in prior years should not be considered for deduction calculations in subsequent years under Section 80 IA. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332818