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2015 (9) TMI 1009 - AT - Income TaxDisallowance of deduction u/s. 80IA - eligibility to claim the benefit of deduction u/s.80-IA without first setting off notional brought forward losses against the current year’s profit of exempt unit - Held that:- This fact is not in dispute that business loss/depreciation of earlier years of the exempt unit have already been set off in earlier years against other income and accepted as such by the Revenue. This fact is also not in dispute that deduction u/s.80IA in the case of exempt unit has been claimed for the first time in the impugned year. In the aforesaid judgment of Shevie Exports [2013 (5) TMI 16 - ITAT MUMBAI], it has been observed that losses of earlier years could not be notionally carried forward in terms of section 80IA(5). Also see Velayudhaswamy Spinning Mills (P)Ltd. case [2010 (3) TMI 860 - Madras High Court] Thus, respectfully following these judgments as relied upon ld. Counsel of the assessee, we hold that the AO was not justified in denying the benefit of deduction u/s 80IA of ₹ 71,10,231/-. The AO is directed to grant the benefit of deduction claimed by the assessee. - Decided in favour of assessee.
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