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Set off of loss against income referred to in section 68 r/w.s115BBE - The tribunal agreed with the arguments of the assessee, emphasizing that the amendments in section 115BBE are effective from AY 2017-18. Hence, for AYs 2011-12 and 2015-16, the assessee is entitled to claim the set-off of business loss against income u/s 68. The tribunal cited the CBDT Circular No. 11/2019 and the Kerala High Court’s decision, both supporting the assessee's position.
Set off of loss against income referred to in section 68 r/w.s115BBE - The tribunal agreed with the arguments of the assessee, emphasizing that the amendments in section 115BBE are effective from AY 2017-18. Hence, for AYs 2011-12 and 2015-16, the assessee is entitled to claim the set-off of business loss against income u/s 68. The tribunal cited the CBDT Circular No. 11/2019 and the Kerala High Court’s decision, both supporting the assessee's position.
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