https://www.taxtmi.com/caselaws?id=396856 The Tribunal dismissed the Revenue's appeal, affirming the assessee's entitlement to the deduction under Section 80IA(4) without adjusting notional carry forward losses/depreciation from earlier years. It was held that losses prior to the initial assessment year, already set off against other business profits, should not be notionally brought forward for set off against eligible business profits. The decision clarified that only losses incurred from the initial assessment year onwards are relevant for adjustment under Section 80IA(5). en-us Mon, 20 Jul 2020 00:00:00 +0530 Tue, 21 Jul 2020 19:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396856 The Tribunal dismissed the Revenue's appeal, affirming the assessee's entitlement to the deduction under Section 80IA(4) without adjusting notional carry forward losses/depreciation from earlier years. It was held that losses prior to the initial assessment year, already set off against other business profits, should not be notionally brought forward for set off against eligible business profits. The decision clarified that only losses incurred from the initial assessment year onwards are relevant for adjustment under Section 80IA(5). Case-Laws Income Tax Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396856