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Clarification of the term initial assessment year in section 80IA (5) of the Income-tax Act 1961

Clarification of the term initial assessment year in section 80IA (5) of the Income-tax Act, 1961 - Income Tax - 1/2016 - Dated:- 15-2-2016 - Circular No. 1 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 15th February, 2016 Subject: Clarification of the term 'initial assessment year' in section 80IA (5) of the Income-tax Act, 1961 Section 80IA of the Income-tax Act, 1961 ('Act'), as substituted by the .....

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ases) beginning from the year in which the undertaking commences operation, begins development or starts providing services etc. as stipulated therein. Sub-section (5) of section 80IA further provides as under "Notwithstanding anything contained in any other provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply shall, for the purposes of determining the quantum of deduction under that sub-section for the assessment year immedia .....

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nitial assessment year'. It has been represented that some Assessing Officers are interpreting the term 'initial assessment year' as the year in which the eligible business/ manufacturing activity had commenced and are considering such first year of commencement/operation etc. itself as the first year for granting deduction, ignoring the clear mandate provided under sub-section (2) which allows a choice to the assessee for deciding the year from which it desires to claim deduction ou .....

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