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2020 (1) TMI 908 - AT - Income TaxDeduction u/s. 80IA(4) - initial assessment year - income of eligible business in the year under consideration without adjusting the losses/depreciation of earlier years brought forward notional losses since the assessee has chosen the assessment year 2012-13 as the initial assessment year - HELD THAT:- CBDT Circular No. 1 of 2016 (F.No. 200/31/2015-ITA-I) dated 15-02- 2016 explained that to claim deduction u/s. 80IA, the assessee has option to choose the initial year from which it intends to claim deduction for 10 consecutive years out of period of 15 yea₹ 15 years is the outer limit and the same is beginning from the year in which the undertaking or enterprise develop and begin to operate any infrastructure activity etc. As already adjudicated such issue in favour of the assessee in M/S. JIVRAJ TEA & INDUSTRIES LTD. VERSUS THE ACIT, CENTRAL CIRCLE-2, SURAT. [2014 (1) TMI 234 - ITAT AHMEDABAD] Assessee is entitled to claim deduction u/s. 80IA for 10 consecutive assessment years beginning from the year in respect of which it has exercised such option subject to fulfillment of condition prescribed in the section. Further, it is clear before the decision of Hon’ble Madras High Court in the case of CIT vs. G.R.T. Jeweler India Pvt. Ltd. [2016 (3) TMI 1071 - MADRAS HIGH COURT] as referred in the decision of ld. CIT(A) after referring Board’s circular held that losses/unabsorbed depreciation pertaining to wind mill which were set off in the earlier assessment years against other business income of the assessee, cannot be notionally brought forward and again set off against the income of eligible business of the year which was chosen as initial assessment year for claim of depreciation u/s. 80IA - Decided in favour of assessee.
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