https://www.taxtmi.com/caselaws?id=283601 The Tribunal upheld the CIT(A)'s decision to allow the deduction claimed under section 80IA(iv) of the Income Tax Act, 1961. It was held that losses from initial years should not be notionally brought forward and set off against the current year's income, in line with the Madras High Court's ruling. The Tribunal emphasized the assessee's discretion in selecting the initial year and rejected the Assessing Officer's approach. Consequently, the Revenue's appeal was dismissed, affirming the order in favor of the assessee. en-us Tue, 22 Nov 2016 00:00:00 +0530 Wed, 02 Oct 2019 12:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283601 The Tribunal upheld the CIT(A)'s decision to allow the deduction claimed under section 80IA(iv) of the Income Tax Act, 1961. It was held that losses from initial years should not be notionally brought forward and set off against the current year's income, in line with the Madras High Court's ruling. The Tribunal emphasized the assessee's discretion in selecting the initial year and rejected the Assessing Officer's approach. Consequently, the Revenue's appeal was dismissed, affirming the order in favor of the assessee. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283601