https://www.taxtmi.com/caselaws?id=310757 The ITAT Mumbai ruled in favor of the assessee regarding the initial assessment year for Section 80-IA deduction claims. The tribunal held that AY 2007-08, not AY 2006-07 as determined by lower authorities, was the correct initial assessment year when the assessee first claimed the deduction. The court emphasized that once an assessee exercises the option to claim Section 80-IA deduction, entitlement is restricted to ten consecutive years from when first claimed. The tribunal vacated adverse inferences drawn by lower authorities and concluded the assessee was entitled to 100% deduction from AY 2007-08 to AY 2011-12, then 30% from AY 2012-13 to AY 2016-17. en-us Wed, 12 Sep 2018 00:00:00 +0530 Sat, 11 Nov 2023 08:26:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310757 The ITAT Mumbai ruled in favor of the assessee regarding the initial assessment year for Section 80-IA deduction claims. The tribunal held that AY 2007-08, not AY 2006-07 as determined by lower authorities, was the correct initial assessment year when the assessee first claimed the deduction. The court emphasized that once an assessee exercises the option to claim Section 80-IA deduction, entitlement is restricted to ten consecutive years from when first claimed. The tribunal vacated adverse inferences drawn by lower authorities and concluded the assessee was entitled to 100% deduction from AY 2007-08 to AY 2011-12, then 30% from AY 2012-13 to AY 2016-17. Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310757