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2014 (9) TMI 1261 - AT - Income TaxDeduction u/s.80IA(4) - initial assessment year for the purpose of claiming deduction u/s.80IA(4) of the Act was the first year in which the assessee made such claim after excercising the option - HELD THAT:- Quantum of deduction is to be computed after reducing the notional brought forward losses and depreciation of the eligible business even though the same might have been set off against other income in the earlier years or the year in which the assessee exercises the option contained in sub-section 80IA(2) of the Act of identifying 10 consecutive assessment years out of 15 years for which the deduction is to be availed. We find an identical issue had come up before the Pune Bench of the Tribunal in the case of Sangram Patil (2015 (2) TMI 936 - ITAT PUNE] wherein the Tribunal, following the decision of the Pune Bench of the Tribunal in the case of Serum International Ltd. (2013 (1) TMI 688 - ITAT PUNE] has decided the issue in favour of the assessee
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