2019 (6) TMI 1513

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....raman JUDGMENT T.S.Sivagnanam, This appeal filed by the Revenue under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") is directed against the order dated 27.02.2018 in ITA.No.449/Mds/2017 passed by the Income Tax Appellate Tribunal Madras, 'A' Bench in the assessment year 2008-2009. 2.The assessee has filed this appeal by raising the following s....

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....malatha, learned Senior Standing counsel appearing for the appellant/revenue and Mr.A.S.Sriraman, learned counsel appearing for the respondent/assessee. With the consent on either side, the appeal itself is taken up for final disposal. 4. The question which was required to be decided by the Tribunal is with regard to applicability of Section 115BBE of the Act, which came into effect from 01.04.....

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....efore, not applicable to the assessment year under consideration namely 2008 -2009. 5. The Revenue argued before the Tribunal stating that Section 115BBE of the Act was brought into statute book to clarify the ambiguity prevailed in respect of unexplained expenditure. In other words, it was the contention of Revenue that the said provision being clarificatory would be retrospective. Therefore, ....

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....ion 11BBE(2) vide the Finance Act, 2016 to remove any ambiguity of interpretation, the Board is of the view that since the term 'or set off of any loss' was specifically inserted only vide the Finance Act 2016, w.e.f. 01.04.2017, an assessee is entitled to claim set-off of loss against income determined under Section 115BBE of the Act till the assessment year 2016-17." 8. Learned counse....