https://www.taxtmi.com/caselaws?id=303082 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee. It determined that the "initial assessment year" for claiming deduction under section 80IA(4) is the year the assessee opts to claim the deduction, not the year of commencement of operations. Additionally, it clarified that only losses from the "initial assessment year" onwards should be considered for computing the deduction, rejecting the notion of notional set-off of earlier years' losses. The Tribunal's decision dismissed the Revenue's appeal, affirming the assessee's position on both issues. en-us Wed, 24 Sep 2014 00:00:00 +0530 Sun, 03 Jul 2022 19:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303082 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee. It determined that the "initial assessment year" for claiming deduction under section 80IA(4) is the year the assessee opts to claim the deduction, not the year of commencement of operations. Additionally, it clarified that only losses from the "initial assessment year" onwards should be considered for computing the deduction, rejecting the notion of notional set-off of earlier years' losses. The Tribunal's decision dismissed the Revenue's appeal, affirming the assessee's position on both issues. Case-Laws Income Tax Wed, 24 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303082