https://www.taxtmi.com/highlights?id=71510 Deduction u/s 80IA - notional carried forward of unabsorbed losses/depreciation - The deeming fiction created by sub-section (5) of Section 80IA does not envisage such an adjustment. The fiction which has been created is simply this: the eligible business will be the only source of income. There is no fiction created, that losses which have already been absorbed, will be notionally carried forward and adjusted against the profits derived from the eligible business to quantify the deduction that the assessee could claim u/s 80IA of the Act. - HC en-us Thu, 17 Aug 2023 16:46:16 +0530 Thu, 17 Aug 2023 16:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=71510 Deduction u/s 80IA - notional carried forward of unabsorbed losses/depreciation - The deeming fiction created by sub-section (5) of Section 80IA does not envisage such an adjustment. The fiction which has been created is simply this: the eligible business will be the only source of income. There is no fiction created, that losses which have already been absorbed, will be notionally carried forward and adjusted against the profits derived from the eligible business to quantify the deduction that the assessee could claim u/s 80IA of the Act. - HC Highlights Income Tax Thu, 17 Aug 2023 16:46:16 +0530 https://www.taxtmi.com/highlights?id=71510