Section 80IA(5) Only losses of years beginning from initial A.Y. alone are to be brought forward

CIT Vs. Hercules Hoists Ltd (Bombay High Court)

It is not disputed that the respondent assessee is entitled for deduction of the profits and gains as contemplated u/s 80IA. It is also not disputed that the assessee is entitled for deduction of the profits and gains for the period of 10 consecutive years beginning with initial assessment year. It is further not disputed that the initial assessment year of the assessee’s unit is 2009­-10, though it started functioning from the year 2005-­06. The losses o

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