notionally carried forward unabsorbed depreciation or loss against the profits of the units and the assessee therein was entitled to claim deduction under Section 80-IA on current assessment year on the current year's profit and thereby, set aside the order of the authority. Aggrieved by the said order, the Revenue filed the appeal by raising a substantial questions of law, as to (1) whether, on the facts and circumstances of the case, the Tribunal was right in not admitting a letter from the Assessing Officer showing that assessee had exercised the option of claiming the deduction under s. 80-IA during the assessment year 1999-2000 which is the first/initial assessment year for the purpose of deduction under Section 80-IA, as additional evidence and holding that the assessment year 2004-05 is first/initial assessment year in which the assessee had claimed the deduction under s. 80-IA? (2) Whether in the facts and circumstances of the case, the Tribunal was right in holding that carried forward loss and unabsorbed depreciation cannot be set off against the profits of the units and therefore the assessee is entitled for deduction under Section 80-IA r/w Section 80AB? and Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee has the option to choose the first/initial assessment year of claim for deduction under s. 80-IA ?"
