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2016 (11) TMI 373 - SC ORDER
Deduction u/s 80-IA - whether initial assessment year in section 80-IA(5) would only mean the year of commencement and not the year of claim ? - Held that:- The special leave petitions are dismissed. HC order confirmed [2010 (3) TMI 860 - Madras High Court] the provisions of section 80-IA(5) treating undertaking as a separate sole source of income cannot be applied to a year prior to the year in which the assessee opted to claim relief under section 80-IA for the first time. Depreciation and carry forward loss relief to the unit which claims deduction under section 80-IA, cannot be notionally carried forward and set off against the income from the year in which the assessee started claiming deduction under section 80-IA - Decided in favor of the assessee.