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2018 (4) TMI 19 - AT - Income TaxSet off of amount so surrendered during the course of search against business loss - Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D - Held that:- The amendment brought in section 115BBE wherein no set off of losses against surrendered income brought to tax is prospective in nature and doesn’t apply for the assessment year under consideration. The decisions relied upon by the Revenue have also been examined and doesn’t support its case. For the year under consideration, there is no bar for set off of current year business loss u/s 71 against income brought to tax under the head “income from other sources”. We are therefore of the view that the assessee will be eligible for set off of current year business loss of ₹ 767,768 against the undisclosed investment of ₹ 36,00,000 towards purchase of plot of land which has been surrendered during the course of search, and subsequently offered and brought to tax under section 69 read with section 115BBE of the Act. - Decided in favour of assessee
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