For computing income u/s 80I or 80 IA only losses and deductions of eligible business has to be considered from initial A.Y.

 Brief of the case: Madras High Court in CIT Vs K Rajinikanth (Madras High Court) held that for computing the income for calculating the deduction u/s 80IA, only the profits & Losses of the eligible business had to be taken into consideration as if it was the only business of the assessee. Further once the Losses were adjusted against the other income of the business enterprise, the same would not be reopened again for calculating the income for deduction u/s 80IA. Facts of the case: Assessee claimed deduction u/s 80IA of the current year without adjusting the previous year losses and oth...