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2019 (6) TMI 1513 - HC - Income TaxApplicability of Section 115BBE - statute book to clarify the ambiguity prevailed in respect of unexplained expenditure - addition of expenditure made u/s 69C based on a perverse finding of fact - HELD THAT:- What weighed in the mind of the Tribunal was with regard to the expenditure, which according to the assessee, was recorded in the books of accounts maintained in the course of regular business. The assessment was reopened solely on the ground that under Section 115BBE of the Act having been brought into the statute book, the expenditure under Section 11BBE., etc. should be assessed separately. Assessee referred to a decision rendered by Division Bench of this Court in Commissioner of Income Tax Vs. Chensing Ventures [2007 (4) TMI 204 - MADRAS HIGH COURT] wherein, the loss sustained by the assessee, in any year under, the heads of income was permitted as set off against income under any other head. Learned counsel for assesssee also referred to a decision of Division Bench in High Court of Gujarat in Commissioner of Income Tax -II Vs. Shilpa Dyeing & Printing Mills (P) Limited [2015 (7) TMI 691 - GUJARAT HIGH COURT] Matter requires reconsideration by the Tribunal for the reasons, which we have indicated in this judgment. Furthermore, the CBDT has issued Circular No.11 of 2019 dated 19.06.2019 also needs to be looked into as regards the effect of the introduction of Section 115BBE of the Act. - Decided in favour of revenue.
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