Dismissing the appeal of the revenue  the Tribunal held that while determining eligible profit, is not required to notionally reduce losses arising from eligible business in earlier years already set off against other business of assessee in terms of sections 70, 71 and 72 prior to exercise of option of ‘initial assessment year’; losses arising in ‘eligible business’, if any, subsequent to earmarking of ‘initial assessment year’ would, however, continue to be governed by embargo placed in Section 80IA(5) of the Act.  (AY. 2012-13)