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2015 (2) TMI 1028 - AT - Income TaxDeduction under section 80-IA on power generation receipts - CIT(A) allowed the deduction - Held that:- The assessee during the year under consideration had claimed deduction under section 80-IA(5) of the Act. The Assessing Officer had tabulated the notional losses from year. However, the said losses were being adjusted against the other income arising to the assessee from time to time. Where the losses have already been adjusted against assessable income in the preceding year, the said losses cannot be said to be available to be adjusted against the income of the assessee arising in the year under consideration. As held by the Tribunal in the case of Shri Sangram Patil v. ITO [2015 (2) TMI 936 - ITAT PUNE] that, where the assessee exercised the option of the ten consecutive years as contained in section 80-IA of the Act, only the losses beginning from such initial assessment year are to be brought forward and setoff while applying the provisions of section 80-IA(5) of the Act and not the losses of the earlier years, which have already been set-off against the other income of the assessee. Accordingly, we hold that the assessee is entitled to claim of deduction under section 80-IA(5) of the Act. - Decided against revenue.
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