ITAT allows Any year as initial assessment year for Section 80IA deduction

Petronet LNG Ltd Vs DCIT (ITAT Delhi) Conclusion: Where assessee had existing brought forward losses which were either could not be set off against the profits and if the assessee considered any year as the initial assessment year for the benefit of Section 80IA in such cases, the eligible profits would be determined only after setting off of the losses/ unabsorbed depreciation carried forward in the year the deduction was claimed. Held: Assessee was a company engaged in the business of operation of port, purchase of LNG etc having port at Dahej in Gujarat. The port undertaking of assessee com...