Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 575 - ITAT CHANDIGARHSet off of current year business loss from the additional/Deemed income - Scope of amendment brought to section 115BBE - assessee had surrendered an additional income on account of difference in cash in hand, unaccounted investment in building & unaccounted amounts receivable) - HELD THAT:- Referring to Circular No. 11 of 2019 of the CBDT, has clarified the matter that the assessee will be entitled to set off of loss against income determine u/s 115BBE of the Act till assessment year 2016-17. The assessment year under consideration being assessment year 2014-15, the assessee is accordingly entitled to the set off of the current year losses against the deemed income. Appeal of the assessee stands allowed.
|