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2019 (10) TMI 1264 - AT - Income TaxRevision u/s 263 - addition holding the unsecured loans from four parties as unexplained cash credits u/s 68 however, while computing tax the AO allowed set off losses against this income u/s 68 in violation of the provisions of section 115BBE - HELD THAT:- From circular No 11/2019 dated 19th of June 2019 the term ‘ or set off of any loss’ has been inserted vide Finance Act, 2016 and the assessee is entitled to claim set off of losses against income determined under section 115BBE of the Act, till the assessment year 2016-17. Since the assessee’s appeal pertains to the assessment year 2014-15, it was entitled to claim set off losses against income determined under section 115BBE of the Act. Therefore, in our considered view, since the impugned order passed by the Ld. Pr.CIT is contrary to the expressed provisions of the Act the same is liable to be set aside. Jaipur Bench of the ITAT has held in the case of Navjeevan Trade & Commerce (P) Ltd vs. ITO [2018 (8) TMI 665 - ITAT JAIPUR] has held that since the amendment brought by the Finance Act, 2016 in section 115BBE(2) was effective from assessment year 2017-18, the assessee was eligible to claim set off of current year business loss including depreciation, against current year income under the head Income assessed from other sources, under section 71 of the Act. The assessee in this case had declared commission and brokerage income in its profit and loss account and offered the same to tax under the head profit and gain of the business. The AO treated it as unexplained cash credit and brought to tax under section 68 read with section 115JBBE. Hence, the assessee’s case is also covered by the decision of the Jaipur Bench of the Tribunal. Since, the impugned order passed by the Ld. Pr. CIT u/s 263 is contrary to the provisions of the Act and contrary to the decision of the Jaipur Bench of Tribunal discussed above, we allow the sole ground of appeal of the assessee
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