Initial AY is the first year in which sec. 80-IA relief is claimed and not a year in which eligible business commences

ITAT Visakhapatnam Bench held that in order to claim deduction under section 80-IA, initial assessment year would mean first year opted by assessee for claiming deduction and not year in which eligible business was commenced.

Devi Seafoods Ltd.v.Joint Commissioner of Income-tax, Range-3, Visakhapatnam.[2016] 70 taxmann.com 57