Monday, January 16, 2017

Assessee has option to choose initial AY for claiming deduction under sec. 80-IA; SLP dismissed

The Supreme Court of India held that Where Tribunal held that assessee was entitled to deduction under section 80-IA without setting off losses/unabsorbed depreciation pertaining to windmill, which were set off in earlier year, initial assessment year in section 80-IA(5) would only mean year of claim of deduction under section 80-IA, and assessee had option to choose first/ initial assessment year of claim for deduction under section 80-IA and High Court upheld order of Tribunal, SLP was to be dismissed. 

Commissioner of Income-tax v. Best Corporation Ltd.
[2016] 76 taxmann.com 295

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