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TMI Blog2016 (8) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... usted even when they were adjusted against the other business income in earlier years. 2. At the time of hearing, the Ld. Counsel for the assessee submitted that the very same issue had arisen in assessee's own case for the A.Y. 2008-09 and this Tribunal after considering the issue at length has allowed the assessee's appeal on this issue. A copy of the order of the Tribunal is filed before us. 3. The Ld. D.R. though relied upon the orders of the authorities below fairly admitted that the issue is covered by the order of the Tribunal for the earlier year. 4. Having regard to the rival contentions and the material on record we find that the Tribunal for the A.Y. 2008-09 has considered this issue at length and has held as under : "2. As r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. He also observed that similar issue had arisen in assessee's own case in earlier years, wherein the deduction under S.80IA was allowed after set off of the earlier years' unabsorbed losses. Duly following the same and also the Special Bench decision of the Tribunal in the case of ACIT V/s. Gold mine Shares and Finance (P) Ltd. (302 ITR (AT) 208 (Ahd)(SB)), he disallowed the claim of deduction under S.80IA of the Act. 3. Aggrieved, assessee preferred an appeal before the CIT(A), who also followed the decision of the Tribunal in assessee's own case for earlier years and confirmed the disallowance made by the Assessing Officer . 4. Aggrieved, assessee is in second appeal before us. 5. Though the learned counsel for the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nit for the relevant financial year, while computing the deduction under S.80IA. 7. The Learned Departmental Representative, on the contrary, supported the orders of the CIT(A), relying on the decisions of the Tribunal on this issue in assessee's own case for earlier years. 8. Having regard to the rival submissions and the material on record, we find it necessary to reproduce the relevant provision of the Act for proper appreciation and understanding of the provision of law. "Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. 80-IA.(1) to (4) ....... (5) Notwithstanding anything contained in any other provision of this Act, the profits and gains of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (2) of section 80IA further provides that the aforesaid deduction can be claimed by the assessee, at his option, for any ten consecutive assessment years out of fifteen years (twenty years in certain cases) 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 immediately succeeding the initial assessment year or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfilment 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. 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 allowabil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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