https://www.taxtmi.com/caselaws?id=353054 The Tribunal partly allowed the assessee's appeal, ruling in favor of the assessee on the denial of deduction under Section 80-IA, stating that losses and depreciation from previous years need not be notionally brought forward for computing the deduction. The Tribunal also recognized foreign exchange gains as 'Business Income' but denied the deduction under Section 80-IA for these gains, based on the principle that the gains were not derived from the activity of power generation. The AO was directed to re-compute the assessed income accordingly. en-us Wed, 04 Oct 2017 00:00:00 +0530 Wed, 27 Dec 2017 09:00:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353054 The Tribunal partly allowed the assessee's appeal, ruling in favor of the assessee on the denial of deduction under Section 80-IA, stating that losses and depreciation from previous years need not be notionally brought forward for computing the deduction. The Tribunal also recognized foreign exchange gains as 'Business Income' but denied the deduction under Section 80-IA for these gains, based on the principle that the gains were not derived from the activity of power generation. The AO was directed to re-compute the assessed income accordingly. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353054