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S. 80-IA(5) – Absorbed losses pre ‘initial assessment year’ need not be set off
Case Law Details
- Case Name
- M/s. Shevie Exports Vs Jt. Commissioner of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008- 09
- Courts
- All ITAT, ITAT Mumbai
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From a plain reading of the sub-section (5) of section 801A, it can be gathered that it is a non obstante clause which overrides the other provisions of the Act and it is for the purpose of determining the quantum of deduction under section 801A, for the assessment year immediate(y succeeding the initia( assessment year or any subsequent assessment year to be computed as if the eligible business is the only source of income. Thus, the fiction created is that the eligible business is the only source of income and the deduction would be allowed from the initial assessment year or any subsequen...
