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2018 (8) TMI 665 - AT - Income TaxAssessment u/s 115BBE - Additions u/s 68 - unexplained cash credit - genuineness of commission income - AO denied the current year loss will not be set off against income assessed u/s 115BBE - Held that:- By virtue an amendment has been brought in by the Finance Act, 2016 in Section 115BBE(2) of the IT Act, the words “or set off of any loss” were inserted w.e.f. 01.04.2017. The said amendment has been made w.e.f. assessment year 2017-18 as also clarified by the CBDT Circular No. 3/2017 dated 20-01-2017. In the instant case, it is not disputed by the Revenue that the assessee has current year business losses including current year depreciation excluding a part of the business income declared as commission income which has been reclassified by the Assessing Officer and brought to tax under the head “income from other sources”. In our view, the assessee is eligible to claim set off of current year business loss including current year depreciation against current year income assessed under the head “income from other sources” under section 71 of the Act. The amendment brought by the Finance Act, 2016 in section 115BBE(2) is effective from assessment year 2017-18 and is not applicable for the impugned assessment year. Decided partly in favor of assessee.
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