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2018 (1) TMI 1539 - ITAT INDOREClaim of set off against the additional income offered by the assessee - HELD THAT:- CIT(A) has applied the memorandum of explanation and treated the amendment of retrospective nature, treating the same as clarificatory in nature. We are unable to affirm this view of the authorities below. In view of the judgment of CIT, Mumbai vs. M/s. Walfort Share & Stock Brokers P. Ltd. [2010 (7) TMI 15 - SUPREME COURT] . The Hon'ble Apex Court while examining the amendment made in section 94 of the Act, after considering the law In view of the fact that in the explanatory notes itself states that this amendment takes effect from 1st April 2017 and would accordingly be applicable from assessment year 2017-18 and subsequent assessment years. The year under appeal is 2013-14, therefore, in our considered view the authorities below have wrongly disallowed the set off of loss and taxed the same @ 30%. We, therefore, reverse the finding of Ld. CIT(A) and direct the Assessing officer to allow the set off of loss as claimed by the assessee - Appeal of the Assessee is allowed.
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