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of <h1>CBDT Clarifies No Loss Set-Off Against Deemed Income u/s 115BBE Before Assessment Year 2017-18.</h1> The circular issued by the Central Board of Direct Taxes clarifies the non-allowability of setting off losses against deemed income under section 115BBE of the Income-tax Act, 1961, prior to the assessment year 2017-18. It notes that the amendment, effective from April 1, 2017, explicitly disallows such set-offs. Before this amendment, there was inconsistency in assessments, with some officers allowing set-offs and others not. The Board confirms that until the assessment year 2016-17, taxpayers could claim set-offs against income under section 115BBE, aligning with the legislative intent to remove ambiguity.
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