TMI Blog2020 (1) TMI 1351X X X X Extracts X X X X X X X X Extracts X X X X ..... d in Section 115BBE and it is only to dispel the uncertainty prevailing on the issue, the provision was amended. A bare perusal of the provisions makes it abundantly clear that it cannot be applied retrospectively. Moreover, now vide circular No. 11/2019, the CBDT has clarified in unequivocal terms that the term 'or set off of any loss' was inserted vide the Finance Act, 2016 w.e.f. 1.4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed in ITA No. 124/Jodh./2017, whereby an appeal preferred by the Revenue against the order dated 29.12.16 passed by the Commissioner of Income-tax (Appeals) [CIT(A)] for Assessment Year 2014-15, has been dismissed. By order dated 29.12.16, the CIT(A) held that the deemed income of ₹ 6,50,00,000 of the respondent assessee is chargeable to tax under the head Income from Other Sources' and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessment Year 2014-15 and thus, set off of the loss allowed to the assessee ignoring the provisions of Section 115BBE is absolutely unjustified. 3. On the other hand, the counsel appearing for the respondent contended that provisions of Section 115BBE substituted by the Taxation Laws (Second Amendment) Act, 2016 w.e.f. 1.4.17 cannot be applied to the Assessment Year 2014-15 inasmuch as, the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5BBE as existed prior to the amendment does not provide that the losses shall not be allowed to be set off against the income referred in Section 115BBE and it is only to dispel the uncertainty prevailing on the issue, the provision was amended. A bare perusal of the provisions makes it abundantly clear that it cannot be applied retrospectively. Moreover, now vide circular No. 11/2019, the CBDT ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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