TMI Blog2021 (8) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosed during the course of survey proceedings. Thus, Ground Nos.1 2 raised by the assessee are allowed. - ITA No. 3513/Del/2018 - - - Dated:- 25-8-2021 - SHRI KUL BHARAT, JUDICIAL MEMBER And SHRI O.P.KANT, ACCOUNTANT MEMBER Appellant by : Sh.Rohit Goel, CA Respondent by : Ms. Pramita M.Biswas, CIT DR ORDER PER KUL BHARAT, JM : This appeal filed by the assessee for the assessment year 2013-14 is directed against the order of Ld. CIT(A)-2, Gurgaon dated 01.02.2018. The assessee has raised following grounds of appeal:- 1. The learned CIT(Appeals) has erred in law and facts in not allowing the set off of Business Loss and unabsorbed depreciation of scooter business as held to be eligible for carried forw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t off could not be allowed hence, he made addition of ₹ 25,00,000/-. 4. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A) who after considering the submissions, sustained the addition. 5. Ld. Counsel for the assessee vehemently argued that the authorities below were not justified in sustaining the addition. He submitted that the surrendered income was disclosed as business income therefore, the assessee had rightly claimed set off of loss against this income. 6. Per contra, Ld.CIT DR opposed these submissions and supported the decision of authorities below. Ld.CIT DR took us through the impugned order to buttress the contentions that there is no infirmity into the findings of authorities below. 7. Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed the A.O. to examine the issue in the light of decision of the Special Bench in the case of DCIT vs. Times of Guaranty Limited (2010) 131 TTJ 257 (Mum.) (SB). The issue is, therefore, covered in favour of the assessee by the above orders of different Benches of the Tribunal. It may also be noted here that A.O. denied the claim of assessee-company because decision of the Chandigadh Bench in the case of M/s. Liberty Plywood Private Ltd., Ambala Cantt. vs. ACIT, Ambala (supra) have not been accepted by the Department and Department intends to file appeal before the Hon ble Punjab Haryana High Court. The assessee-company has filed copy of the Judgment of the Hon ble Punjab Haryana High Court in the case of CIT vs. M/s. Liberty Plyw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es . It may also be noted here that after insertion of Section 115BBE, any income assessed under sections 68 to 69D will be taxed under section 115BBE and not under regular provisions w.e.f. A.Y. 2013-2014. Further, Section 115BBE has got amended w.e.f. A.Y. 2017-2018 that loss will not be allowed against such income. Therefore, it is clear that w.e.f. A.Y. 2017-2018 any type of loss will not be allowed deduction and this Amendment is not retrospective in nature. Therefore, claim of assessee-company shall have to be allowed by authorities below. The issue is covered in favour of the assessee-company by the above orders of various Benches of the Tribunal. We, therefore, set aside the orders of the authorities below and direct the A.O. to all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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