https://www.taxtmi.com/caselaws?id=393090 The Court held that the Assessing Officer, CIT(Appeals), and the Tribunal were not justified in applying Section 80IA(5) to ignore the provisions of Section 79. The losses that had already lapsed under Section 79 should not be notionally carried forward for computing the quantum of deduction under Section 80IA(1). The appeals were allowed, and the impugned orders of the Tribunal were set aside. The substantial question was answered in favor of the assessee and against the Revenue. en-us Tue, 03 Mar 2020 00:00:00 +0530 Wed, 10 May 2023 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393090 The Court held that the Assessing Officer, CIT(Appeals), and the Tribunal were not justified in applying Section 80IA(5) to ignore the provisions of Section 79. The losses that had already lapsed under Section 79 should not be notionally carried forward for computing the quantum of deduction under Section 80IA(1). The appeals were allowed, and the impugned orders of the Tribunal were set aside. The substantial question was answered in favor of the assessee and against the Revenue. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393090