2021 (10) TMI 969

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 8, New Delhi dated 14.06.2019 pertaining to assessment year 2012-13. 2. The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in not allowing the adjustment of current year losses with income under section 115BBD of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rectification u/s 154 of the Act. 6. The claim of the assessee was dismissed by the Assessing Officer who was of the opinion that since the assessee has declared income u/s 115BBD of the Act and calculated the tax at special rate of 15%, therefore, the same cannot be set off against losses. Application under section 154 of the Act was rejected. 7. The assessee carried the matter before the l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed. 10. Per contra, the ld. DR strongly supported the order of the first appellate authority. 11. I have given thoughtful consideration to the orders of the authorities below. It is true that in the intimation u/s 143(1) of the Act, loss of the current year has been mentioned at Rs. 22,53,768/-. It is equally true that the assessee has returned income in respect of dividend received from a f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in sub-section (1). (3) In this section,- (i) "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not i....