34. Amendment of section 115BBE.
In section 115BBE of the Income-tax Act, in sub-section (2), after the word, brackets and letter “clause (a)”, the words, brackets and letter “and clause(b)” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017.
Notes on Clauses:
Clause 34 of the Bill seeks to amend section 115BBE of the Income-tax Act relating to tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.
Sub-section (2) of the said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the said Act in computing his income referred to in clause (a) of sub-section (1).
It is proposed to amend the said sub-section (2) so as to include income referred to in clause (b) of sub-section (1).
This amendment will take effect retrospectively from lst April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.
