Unexplained Income Under Section 69: Losses Can Be Set Off Prior to AY 2017-18 Amendment to Section 115BBE(2)

ITAT ruled that provisions of section 115BBE(2), which deny set-off of losses against income under section 69, apply prospectively from 01/04/2017 and are not applicable to assessment year 2014-15. The tribunal relied on Vijaya Hospitality and Resorts Ltd. precedent from Kerala HC, which established that amendments to section 115BBE(2) introduced by Finance Act, 2016 take effect from AY 2017-18 onwards. Accordingly, ITAT directed the AO to permit the appellant to set off house property losses against income assessed under section 69, allowing the appellant's grounds of appeal. .....

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