TMI Blog2019 (12) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... tions prescribed in the section. The term initial assessment year would mean the first year opted for by the assessee for claiming deduction u/s 80IA. However, the total number of years for claiming deduction should not transgress the prescribed slab of fifteen or twenty years, as the case may be and the period of claim should be availed in continuity. AO are, therefore, directed to allow deduction u/s 80IA in accordance with this clarification and after being satisfied that all the prescribed conditions applicable in a particular case are duly satisfied. Pending litigation on allowability of deduction u/s 80IA shall also not be pursued to the extent it relates to interpreting initial assessment year as mentioned in Sub-Section (5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied forward while computing deduction u/s.80IA? (iii)Whether on the facts and in the circumstances of the case, this Appellate Tribunal was right in following the jurisdictional High Court Judgment which is a subject matter of SLP before the Hon'ble Supreme Court? 4.Mr.T.R.Senthil Kumar, learned Counsel for the appellant submitted that a similar appeal in T.C.A.No.176 of 2016 has been disposed of by this Court and produced a copy of the Judgment. This Court has perused the same and the relevant portion of the said Judgment is usefully extracted as follows: 3. Even according to the learned Standing Counsel for the Department, this Court has consistently followed the decision in M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sub-Section (5) Section 801A 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 succeeding the initial assessment year or any subsequent assessment year, be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subsequent assessment year up to and including the assessment year for which the determination is to be made . In the above Sub-Section, which prescribes the manner of deter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsgress the prescribed slab of fifteen or twenty years, as the case may be and the period of claim should be availed in continuity. The Assessing Officers are, therefore, directed to allow deduction u/s 801A in accordance with this clarification and after being satisfied that all the prescribed conditions applicable in a particular case are duly satisfied. Pending litigation on allowability of deduction u/s 80 IA shall also not be pursued to the extent it relates to interpreting initial assessment year as mentioned in Sub-Section (5) of that section for which the Standing Counsel/DRs be suitably instructed. The above be brought to the notice of all Assessing Officers concerned. 5. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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