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2016 (5) TMI 486 - AT - Income TaxUnexplained credit under section 68 - taxation under the hear income from other sources - whether the loss under the head ‘business’ can be denied to be set off against the income assessable under the head ‘income from other sources’ - Held that:- Denial of such set off brought by section 115BBE was brought on the statute by Finance Act, 2012 w.e.f. 01.04.2013 i.e. for and from the A.Y. 2013-14. Therefore, when the specific denial of the set off was brought prospectively by the legislature in section 115BBE, the set off of loss under the head ‘business’ against the ‘income from other sources’ cannot be denied to the assessee. We may add here that both sides argued at great length and have given multiple decisions which have been considered by us and for the sake of brevity, we have not dealt them separately but we have considered the entire gamut of case laws referred by Ld. Counsel for the assessee and taken into account before the above mentioned decision was reached. In effect, we hold that the impugned amount received by the assessee is to be treated as income under section 68 of the Income Tax Act, assessable under the head “Income from other sources” and accordingly as per the provision of section 71, Business losses of the assessee are to be set off against the same. The separate addition is therefore deleted
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