https://www.taxtmi.com/caselaws?id=292462 The High Court dismissed the Revenue's appeal against the ITAT order regarding the taxability of deemed income under the Income-tax Act, 1961 for AY 2014-15. The court held that the provisions of Section 115BBE, as amended by the Finance Bill 2016, cannot be applied retrospectively. It was clarified that set off of loss against income determined under Section 115BBE was permissible until AY 2016-17 according to a CBDT circular. The Court ruled in favor of the assessee, allowing the set off of losses against the deemed income and rejecting the Revenue's contention. en-us Tue, 21 Jan 2020 00:00:00 +0530 Fri, 25 Dec 2020 09:34:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292462 The High Court dismissed the Revenue's appeal against the ITAT order regarding the taxability of deemed income under the Income-tax Act, 1961 for AY 2014-15. The court held that the provisions of Section 115BBE, as amended by the Finance Bill 2016, cannot be applied retrospectively. It was clarified that set off of loss against income determined under Section 115BBE was permissible until AY 2016-17 according to a CBDT circular. The Court ruled in favor of the assessee, allowing the set off of losses against the deemed income and rejecting the Revenue's contention. Case-Laws Income Tax Tue, 21 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292462