2023 (5) TMI 499

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..... 80IA( 5) of the Act to deny the effect of provisions of section 79 of the Act cannot be sustained as per the Scheme of the Act,1961. When the loss of earlier years have already lapsed, then the same cannot be notionally carried forward and set off against the profit and gains of the assessee's business for the year under consideration in computing the quantum of deduction under section 80IA(1 .....

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..... achit Jolly, Adv. Ms. Soumya Singh, Adv. Ms. Disha Jham, Adv. Mr. Sohum Dua, Adv. Ms. B. Vijayalakshmi Menon, AOR ORDER UPON hearing the counsel the Court made the following Delay condoned. Having heard counsel for the parties, this Court is of the opinion that no interference is called for. However, the issue of eligibility of claim, set off of losses for subsequent assessment y .....

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