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2014 (7) TMI 858 - AT - Income TaxDeduction u/s 80IA(4)(iv) of the Act – Computation of income - Unabsorbed depreciation on standalone basis u/s 80IA(5) of the Act – Held that:- The decision in M/s. Easun Reyrolle Ltd. Versus Deputy Commissioner of Income Tax [2014 (7) TMI 497 - ITAT CHENNAI] followed - Revenue has failed to controvert the same - only AY 2000-01 instead of 1995-96 has to be held as the ‘initial assessment year’ for the purpose of sec 80IA deduction –Relying upon M/s. Velayutha Swamy Spinning Mills vs. ACIT [2010 (3) TMI 860 - Madras High Court] - unabsorbed depreciation and carried forward business losses pertaining to AY 1995-96 to 1999-2000 could not have been ordered to be set off against income and profits of the assessment year – Decided in favour of Assessee.
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