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2020 (10) TMI 144 - AT - Income TaxDeduction u/s.80IA(iv)(a) - Initial Assessment Year - first year opted for by the assessee for claiming deduction u/s.80IA OR year in which the eligible business has commenced - HELD THAT:- Pune Bench of the Tribunal in assessee own case for immediately preceding assessment year i.e. A.Y.2011-12 [2017 (8) TMI 474 - ITAT PUNE] has allowed the deduction to the assessee by observing that the initial assessment year is the year in which the assessee has claimed first time the deduction u/s.80IA of the Act. CBDT Circular itself, gives preference to the assessee to choose a particular year as initial assessment year and in this case the assessee has chosen Assessment year 2010-11. Therefore, the case of the assessee is fortified by the CBDT CircularNo.1/2016 dated 15.02.2016 wherein the CBDT has clarified that the term ‘Initial Assessment Year’ in Section 80IA (5) of the Act would mean the first year opted for by the assessee for claiming deduction u/s.80IA and not the year in which the eligible business has commenced - decision relied on by the Ld. DR of Special Bench of Tribunal in the case of Goldmine Shares and Finance Pvt. Ltd. [2008 (4) TMI 405 - ITAT AHMEDABAD]was much prior to the CBDT Circular. - Decided against revenue. Prior period depreciation on investment in premises disallowed - CIT-A allowed deduction - HELD THAT:- Before the Ld. CIT(Appeals) itself, it had been demonstrated by the assessee that in the entire book depreciation it included depreciation on investment in premises for prior period and entire books of account, tax audit report were submitted and were analyzed by the First Appellate Authority - assessee at the time of hearing drew our attention to the Balance Sheet and P & L account for the relevant assessment year wherein the entire depreciation and amortization expenses has been claimed And it included prior period deprecation on investment in premises. DR could not refute these facts on record nor could bring any material or evidences to show that the said amount was not included in the said total depreciation taken by the assessee company for taxation purpose. - Decided against revenue.
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