https://www.taxtmi.com/caselaws?id=391295 The Appellate Tribunal affirmed the decision of the CIT(A) to allow the deduction under section 80IA(4) without adjusting losses/depreciation of earlier years notionally. The Tribunal held that the assessee was entitled to claim the deduction for ten consecutive assessment years from the year in which the option was exercised, and losses/depreciation from prior years set off against other income could not be notionally brought forward. The revenue's appeal was dismissed, emphasizing the correct interpretation of the term "initial assessment year" for claiming the deduction under section 80IA. en-us Thu, 05 Dec 2019 00:00:00 +0530 Fri, 24 Jan 2020 12:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391295 The Appellate Tribunal affirmed the decision of the CIT(A) to allow the deduction under section 80IA(4) without adjusting losses/depreciation of earlier years notionally. The Tribunal held that the assessee was entitled to claim the deduction for ten consecutive assessment years from the year in which the option was exercised, and losses/depreciation from prior years set off against other income could not be notionally brought forward. The revenue's appeal was dismissed, emphasizing the correct interpretation of the term "initial assessment year" for claiming the deduction under section 80IA. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391295