2022 (9) TMI 505

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....er of Ld. CIT(A) upholding the order of AO passed u/s 154 wherein the AO disallowed the set-off of unabsorbed depreciation against the income from other source in violation of Section 115BBE of the Income Tax Act, 1961 (hereinafter referred to as the Act). 3. Facts in brief are that in the present case, search and seizure operation was conducted u/s 132 of the Act on 19.11.2015. The assessment u/s 153A/143(3) of the Act was framed vide order dated 31.12.2017 assessing income at Rs. 9,96,67,709/- making addition of share capital and share premium of Rs. 3 crores as unexplained cash credit u/s 68 of the Act. Thereafter, petition u/s 154 was moved by the assessee vide its application dated 28.02.2018 that unabsorbed depreciation of Rs. 9,82....

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....t set off of unabsorbed depreciation of Rs. 9,82,55,803/- allowed by the AO was withdrawn by in rectification order u/s 154 of the Act dated 09.07.2018. The facts are that an addition of Rs. 3,00,40,000/- u/s 68 of the Act was made to the income of the assessee in the assessment order passed u/s 143(3) read with Section 153A of the act on 31.12.2017 thereby assessing the income at Rs. 9,96,67,709/-. Thereafter the assessee moved a rectification petition dated 28.02.2018 requesting the AO that unabsorbed depreciation of Rs. 9,82,55,803/- has not been allowed set off from the income assessed and the AO thereafter passed a rectification order dated 30.05.2018 allowing the set off of unabsorbed depreciation thereby determining the income of Rs.....

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....year 2017-18, while some of the Assessing Officers have allowed set off of losses against the additions made by them under Section(s) 68/69j69A/69B/69C/69D, in some cases, set off of losses against the additions made under Section 115BBE(1) of the Act have not been allowed. As the amendment inserting the words 'or set off of any loss' is applicable with effect from pt of April, 2017 and applies from assessment year 2017-18 onwards, conflicting views have been taken by the Assessing Officers in assessments for years prior to assessment year 2017-18. The matter has been referred to the Board so that a consistent approach is adopted by the Assessing Officers while applying provision of section 115BBE in assessments for period prior to ....