S. 80IA Option of choosing initial assessment year – ITAT distinguishes special bench judgment in case of Gold Mine Shares

In the instant case, the assessee claimed deduction u/s.80IA(4) of the Act for all the years which were disallowed by the AO on the ground that as per provisions of section 80IA(5) of the Act the computation of deduction has to be done by setting off of brought forward losses and depreciation of eligible business against their respective eligible incomes. After doing so, deduction u/s.80IA(4) of the Act, allowable to the assessee works out to Rs. 1,42,20,515 in AY 2005-06. Accordingly, the AO disallowed the claim for deduction u/s.80IA of Rs.3,39,44,245/- to the assessee. Similarly, the AO dis...