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2017 (6) TMI 1125 - HC - Income TaxEligibility for deduction u/s 80IA - Whether the profit earned during the Assessment Year 200910 would be entitled for deduction under Section 80IA(5) of the Act without deducting the losses, which were absorbed in the earlier years? - Held that:- No error committed by the Tribunal in allowing the deduction of the profit u/s 80IB(5) of the Act without deducting the losses of the earlier years. See Velayudhaswamy Spinning Mills P. Ltd. & Sudan Spinning Mills (P). Ltd. [2010 (3) TMI 860 - Madras High Court] wherein held that only losses of the years beginning from the initial assessment year alone are to be brought forward and no losses of earlier years which were already set off against the income of assessee, can be looked into.
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