2016 (12) TMI 106 - SCH - Income Tax

Entitlement to deduction under Section 80IA - Held that - SLP dismissed. HC order confirmed 2015 (12) TMI 1602 - MADRAS HIGH COURT the provisions of section 80-IA(5) treating undertaking as a separate sole source of income cannot be applied to a year prior to the year in which the assessee opted to claim relief under section 80-IA for the first time. Depreciation and carry forward loss relief to the unit which claims deduction under section 80-IA, cannot be notionally carried forward and set off against the income from the year in which the assessee started claiming deduction under section 80-IA - Decided in favour of the assessee and against the Revenue