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TMI Blog2022 (2) TMI 988X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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. 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 allowabi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yudhasamy Spinning Mills (340 ITR 477) when the same is pending appeal before the Hon'ble Supreme Court in SLP Civil 1136/2011? 2. Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in holding that the initial Assessment year in Section 80IA(5) would only mean the year of claim of deduction under section 80IA and not the year of commencement of eligible business? 3. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee has the option to choose the first / initial assessment year of claim for deduction under section 80-IA? 2. When the matter was taken into consideration, the learned counsel appearing for the appellant / Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions. Sub-section (2) of Section 801A 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 ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n u/s 801A 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 801A. 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 lit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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