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2020 (8) TMI 241 - HC - Income TaxApplicability of Section 115BBE - Unabsorbed depreciation denied to be set off against sum chargeable to tax as income u/s.68 - HELD THAT:- Circular bearing no.11/2019 dated 19.06.2019 had taken note of the legislative intent behind amendment in Section 115BBE(2), for the purpose of removing any ambiguity of interpretation, observed that vide Finance Act 2016 with effect from 01.04.2017, an assessee is entitled to claim set-off of loss against income determined under Section 115BBE of the Act till the assessment year 2016-2017. In the case on hand, the assessment year pertains to 2006-2007 and therefore, this Court is of the considered view that in the light of the above cited judgment in CHENSING VENTURES. [2007 (4) TMI 204 - MADRAS HIGH COURT] as well as the circular, the matter in issue requires further adjudication at the hands of the Income Tax Appellate Tribunal. Substantial Question of Law raised by the appellant is held in affirmative, as it requires further adjudication
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