Tribunal held that the assessee had commenced the business of its eligible unit w..e.f 28 th December 2006, the initial assessment year is 2007-08. The loss suffered by the eligible unit in the assessment year 2007-08 could be set off against the profit of the eligible unit in the assessment year 2008-09. Reassessment was quashed. (AY. 2008-09)
Samrat Plywood Ltd. v. ACIT 210 TTJ 743 (Chd.)(Trib.)
S. 80IC : Special category States-Set off loss-Initial assessment year-Assessment year 2007-08 is held to be initial assessment year-loss could be set off against profit of the eligible unit in the assessment year 2008-09-Reassessment was quashed. [S. 80IA(5), 8OIC(7), 147, 148]