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TMI Blog2021 (10) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... loss of the current year has been mentioned at ₹ 22,53,768/ . It is equally true that the assessee has returned income in respect of dividend received from a foreign company u/s 115BBD. As per clause (2), no deduction in respect of any expenditure or allowance should be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in subsection (1). Now, the interpretation of expenditure or allowance to cover current year loss is, in my considered opinion, a highly debatable issue and no precedences have been made available to me. Therefore, in these circumstances, I have no hesitation in upholding the findings of the ld. CIT(A). Ground raised by the assessee is dismissed. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer who was of the opinion that since the assessee has declared income u/s 115BBD of the Act and calculated the tax at special rate of 15%, therefore, the same cannot be set off against losses. Application under section 154 of the Act was rejected. 7. The assessee carried the matter before the ld. CIT(A) and reiterated its claim of set off. 8. The CITA was of the opinion that whether current year loss can be set off from the income declared under section 115BD of the Act is a highly debatable issue and a debatable issue cannot be rectified u/s 154 of the Act. 9. Before me, the learned counsel for the assessee reiterated what has been stated before the lower authorities. It is the say of the ld. counsel that due to inadvertent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oresaid income by way of dividends. (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in sub-section (1). (3) In this section,- (i) dividends shall have the same meaning as is given to dividend in clause (22) of section 2 but shall not include subclause (e) thereof; (ii) specified foreign company means a foreign company in which the Indian company holds twenty-six per cent or more in nominal value of the equity share capital of the company.] 12. As per clause (2), no deduction in respect of any expenditure or allowance should be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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