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2016 (5) TMI 320 - AT - Income TaxDeduction u/s 80IA - whether initial assessment year referred to in section 80IA(1) of the Act, would mean the year of commencement of eligible business or the year in which the deduction is claimed? - Held that:- the circular issued by the CBDT vide circular no.1 of 2016, has settled the controversies of initial assessment year for the purpose of section 80IA of the Act. The initial assessment year would mean the first year opted by the assessee for claiming deduction u/s 80IA of the Act and not the year in which the eligible business was commenced. Therefore, we direct the A.O. to allow deduction u/s 80IA of the Act as claimed by the assessee. Hence, we set aside the order passed by the CIT(A) and direct the A.O. to allow deduction u/s 80IA of the Act. - Decided in favour of assessee
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