Taxpayer's Loss Set-off Allowed as Section 115BBE Amendment Applies from Assessment Year 2017-18 Onward.

Taxpayer's Loss Set-off Allowed as Section 115BBE Amendment Applies from Assessment Year 2017-18 Onward. https://www.taxtmi.com/highlights?id=54895 Loss suffered by the assessee in respect of alleged unrecorded transactions - denial of set off against declared profit by wrongly invoking sec. 115BBE - - Amendment takes effect from 1st of April, 2017 and will, accordingly, apply from assessment year 2017-18 and subsequent assessment years. Accordingly, we hold that the assessee current loss is allowable to set off against the current year income. - AT en-us Thu, 24 Sep 2020 11:40:26 +0530 Thu, 24 Sep 2020 11:40:26 +0530 TaxTMI RSS Generator Taxpayer's Loss Set-off Allowed as Section 115BBE Amendment Applies from Assessment Year 2017-18 Onward. https://www.taxtmi.com/highlights?id=54895 Loss suffered by the assessee in respect of alleged unrecorded transactions - denial of set off against declared profit by wrongly invoking sec. 115BBE - - Amendment takes effect from 1st of April, 2017 and will, accordingly, apply from assessment year 2017-18 and subsequent assessment years. Accordingly, we hold that the assessee current loss is allowable to set off against the current year income. - AT Highlights Income Tax Thu, 24 Sep 2020 11:40:26 +0530 https://www.taxtmi.com/highlights?id=54895