https://www.taxtmi.com/caselaws?id=437828 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to allow the deduction under Section 80IA and exclude the interest subsidy from the computation of book profits under Section 115JB. The Tribunal held that notional losses from earlier years, already set off against other income, cannot be adjusted against the profits of the eligible undertaking for the purpose of disallowing the statutory deduction under Section 80IA. Additionally, it determined that the interest subsidy received should be treated as a capital receipt and excluded from the book profits computation under Section 115JB. en-us Fri, 12 May 2023 00:00:00 +0530 Mon, 15 May 2023 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437828 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to allow the deduction under Section 80IA and exclude the interest subsidy from the computation of book profits under Section 115JB. The Tribunal held that notional losses from earlier years, already set off against other income, cannot be adjusted against the profits of the eligible undertaking for the purpose of disallowing the statutory deduction under Section 80IA. Additionally, it determined that the interest subsidy received should be treated as a capital receipt and excluded from the book profits computation under Section 115JB. Case-Laws Income Tax Fri, 12 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437828