TMI Blog2021 (3) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... bove CBDT Circular. These grounds of the appeals of the assessee are hereby allowed and the Assessing Officer is directed to give the benefit of set off of losses against income determined for the assessment year under consideration as per the aforesaid CBDT Circular. - I.T.A. Nos.1598 & 1599/KOL/2019 (Assessment Years: 2013-14 & 2014-15) - - - Dated:- 7-1-2021 - Sri Sanjay Garg, Judicial Member Shri Arihant Jain, FCA, appeared on behalf of the appellant. Smt. Ranu Biswas, Addl. CIT, Sr. DR, appeared on behalf of the Respondent. ORDER The present appeals for assessment years 2013-14 2014-15 have been preferred by the assessee against the orders of the Commissioner of Income Tax (Appeals)-3 (hereinafter referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby denying the right to controvert such findings and hence, violating the principles of natural justice and is thus, liable to be deleted. 3. Without prejudice to anything mentioned in ground number 1 2 above, for that based on the facts and circumstances of the case as well as in law, the learned AO was not justified in not allowing to set off the unabsorbed depreciation/business loss of the assessee incurred during the year and/or brought forward from previous years with the addition made u/s 68 of ₹ 27.55 lacs as discussed above. 4. The appellant assessee craves leave to add, alter, modify and/or submit further or more ground(s) of appeal either before or at any time during the hearing of the appeal. 4. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t year 2013-14 and Ground No.2 in ITA No.1599/Kol/2019 for the assessment year 2014-15 are concerned, the ld. counsel for the assessee has relied upon CBDT Circular No.11/2019 dated 19.06.2019. For the sake of convenience, the CBDT Circular No.11/2019 is reproduced hereinbelow: Circular No. 1.1 /2019 North-Block, Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, New Delhi, dated the 19th of June, 2019 Subject: Clarification regarding non-allowability of set-off of losses against the deemed income under section 115BBE of the Income-tax Act, 1961 prior to assessment-year 2017-18-reg. With effect from 01.04.2017, sub-section (2) of section 115BBE of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing amendment made in section 115BBE(2) of the Act mentions that currently there is uncertainty on the issue of set-off of losses against income referred to in section 115BBE. It also further mentions that the pre-amended provision of section 115BBE of the Act did not convey the intention that losses shall not be allowed to be set-off against income referred to in section 115BBE of the Act and hence, the amendment was made vide the Finance Act, 2016. 4. Thus keeping the legislative intent behind amendment in section 115BBE(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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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