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2021 (8) TMI 1098 - AT - Income TaxSet off of Business Loss and unabsorbed depreciation of scooter business against property dealing income - whether the income declared in the course of survey and disclosed in the return of income as business income, could be eligible for set off of loss or not? - HELD THAT:- More particular circular issued by CBDT, Circular No.1/2019 dated 18.06.2019, the claim of the assessee for set off of loss would be allowable. As it is clarified by the CBDT that section 115BBE(2) came into statute book w.e.f. 01.04.2017, we hold accordingly. AO is hereby directed to allow the claim of set off of loss against the business income disclosed during the course of survey proceedings. Thus, Ground Nos.1 & 2 raised by the assessee are allowed.
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