TMI Blog2019 (6) TMI 1513X X X X Extracts X X X X X X X X Extracts X X X X ..... arately. Assessee referred to a decision rendered by Division Bench of this Court in Commissioner of Income Tax Vs. Chensing Ventures [2007 (4) TMI 204 - MADRAS HIGH COURT] wherein, the loss sustained by the assessee, in any year under, the heads of income was permitted as set off against income under any other head. Learned counsel for assesssee also referred to a decision of Division Bench in High Court of Gujarat in Commissioner of Income Tax -II Vs. Shilpa Dyeing Printing Mills (P) Limited [2015 (7) TMI 691 - GUJARAT HIGH COURT] Matter requires reconsideration by the Tribunal for the reasons, which we have indicated in this judgment. Furthermore, the CBDT has issued Circular No.11 of 2019 dated 19.06.2019 also needs to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Senior Standing counsel appearing for the appellant/revenue and Mr.A.S.Sriraman, learned counsel appearing for the respondent/assessee. With the consent on either side, the appeal itself is taken up for final disposal. 4. The question which was required to be decided by the Tribunal is with regard to applicability of Section 115BBE of the Act, which came into effect from 01.04.2017(typographical error in the order of the Tribunal shown as 01.04.2013). From reading paragraph 6 of the order passed by the Tribunal, we find that the Tribunal proceeded to consider the expenditure incurred by the assessee, which the assessee claimed that it was recorded in the books of accounts. Based on such submission, the Tribunal held that when the expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019, wherein the Board has clarified on the following lines: Thus keeping the legislative intent behind amendment in Section 11BBE(2) vide the Finance Act, 2016 to remove any ambiguity of interpretation, the Board is of the view that since the term 'or set off of any loss' was specifically inserted only vide the Finance Act 2016, w.e.f. 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 2016-17. 8. Learned counsel appearing for the respondent/assessee referred to a decision rendered by Division Bench of this Court in Commissioner of Income Tax Vs. Chensing Ventures reported in [2007] 291 ITR 258 (Madras), wherein, the loss sustaine ..... X X X X Extracts X X X X X X X X Extracts X X X X
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