Shanti Prime Publication Pvt. Ltd.
Section 80-IA of the Income-tax Act, 1961—Deduction— While determining the eligible profit, assessee is not required to notionally reduce losses arising from eligible business in the earlier years already set off against other business of assessee in terms of Sections 70, 71 & 72 prior to exercise of option of 'initial assessment year'. The losses arising in 'eligible business', if any, subsequent to earmarking of 'initial assessment year' shall however continue to be governed by embargo placed in Section 80-IA(5)- - DY. CIT V/s CHHOTABHAI JETHABHAI PATEL & CO. -  183 ITD 603 (ITAT-AHMEDABAD)