2016 (10) TMI 1079 - SCH - Income Tax

Entitled to deduction under Section 80IA - continuity of claim - Held that - HC order confirmed. 2016 (4) TMI 221 - MADRAS HIGH COURT HC has said that once such initial assessment year has been opted for by the assessee he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfillment of conditions prescribed in the section. Hence 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.