‘Initial assessment year’ means 1st year opted by assessee for Section 80IA deduction

CIT Vs Chola Spinning Mills (P) Ltd. (Madras High Court) The issue under consideration is that whether the term ‘initial assessment year’ would mean the first year opted for by the assessee for claiming deduction u/s 80IA or first year of commencement of operations? It is abundantly clear from Sub-Section (2) that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of a slab of fifteen (or twenty) years, as prescribed under that Sub-Section. It is hereb...