2019 (6) TMI 1513

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..... his appeal filed by the Revenue under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") is directed against the order dated 27.02.2018 in ITA.No.449/Mds/2017 passed by the Income Tax Appellate Tribunal Madras, 'A' Bench in the assessment year 2008-2009. 2.The assessee has filed this appeal by raising the following substantial questions of law: "1. Whether .....

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..... 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 a .....

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..... ion namely 2008 -2009. 5. The Revenue argued before the Tribunal stating that Section 115BBE of the Act was brought into statute book to clarify the ambiguity prevailed in respect of unexplained expenditure. In other words, it was the contention of Revenue that the said provision being clarificatory would be retrospective. Therefore, the endeavour of the Tribunal should have been to test the subm .....

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..... etation, 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 D .....

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..... d into as regards the effect of the introduction of Section 115BBE of the Act. 10. In the light of the above, the appeal filed by the Revenue is allowed, the order of the Tribunal is set aside and the matter is remanded back to the Tribunal for fresh consideration for the issues we have pointed out in this judgment. Consequently, the substantial questions of law are left open. No costs.
Case .....

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