9911796707
TMI Blog2020 (4) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... set off of the current year losses against the deemed income. Appeal of the assessee stands allowed. - ITA No. 561/CHD/2019 - - - Dated:- 29-1-2020 - Shri N.K. Saini, Vice President And Shri Sanjay Garg, Judicial Member For the Assessee : Shri Rohit Goel, CA For the Revenue : Shri Kultej Singh Bains, Addl. CIT DR ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal has been preferred by the assessee against the order dated 11.03.2019 of the Commissioner of Income Tax (Appeals)-1, Panchkula [hereinafter referred to as CIT (A) ]. 2. The assessee in this appeal has taken following grounds of appeal:- 1. That the learned CIT(A) has erred in law and on facts in confirming the actions of the DCIT in as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional income declared during the survey proceedings, by placing reliance on the judicial pronouncement of the Hon'ble Punjab Haryana High Court in the case of M/s Kim Pharma (P) Ltd. in ITA No. 106 of 2011 dated: 27.04.2011. The Assessing Officer, therefore disallowed the depreciation and business loss claimed by the assessee and completed the assessment u/s 143(3) of the Act an income of ₹ 2,00,00,000/- vide order dated 30.12.2016. 3. The Ld. CIT(A) confirmed the action of the Assessing Officer in not allowing the set off of current year business loss from the additional income holding that the amendment brought to section 115BBE of the Income Tax Act, 1961 (in short 'the Act') w.e.f. 1.4.2017 was clarificatory in n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable with effect from 1st of April, 2017 and applies from assessment year 2017-18 onwards, conflicting views have been taken by the Assessing Officers in assessments for years prior to assessment year 2017-18. The matter has been referred to the Board so that a consistent approach is adopted by the Assessing Officers while applying provision of section 115BBE in assessments for period prior to the assessment year 2017-18. 3. The Board has examined the matter. The Circular No. 3/2017 of the Board dated 20th January, 2017 which contains Explanatory notes to the provisions of the Finance Act, 2016, at para 46.2, regarding amendment made in section 115BBE(2) of the Act mentions that currently there is uncertainty on the issue of set- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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