Year from which option has been exercised u/s 80-IA(1) is to be treated as initial assessment year for purpose of section 80-IA(5)

DECIDED BY: ITAT CHENNAI BENCH `B’, IN THE CASE OF: Rangamma Steels & Malleables Vs. ACIT, APPEAL NO: ITA No. 1171/Mds/09, DECIDED ON November 13, 2009 RELEVANT EXTRACTS: 2. The facts of the case, in brief, are that the assessee firm is engaged in the business of manufacture of automobile components and windmill power generation and filed its return of income for assessment year 2006-07 on 31.10.2006, declaring total income of Rs. 70,67.640/- after claiming deduction of Rs. 62,49,568/- u/s 80-IA of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’ for short) ...