chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the amount of income-tax computed under ... chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the “advance tax” computed under the first
There exist specific provisions u/s 115BBE w.e.f.
01.04.2013 in the provision of Income Tax statute and by virtue of sub-section ... section 115BBE , no set off of loss u/s 69 can be allowed. However, sub-
section 2 of 115BBE as applicable
during survey was required to be assessed as per provisions of section
115BBE and no expenditure as well as other deductions were admissible ... Profit & Loss Account whereas as per the provisions of section 115BBE , additional income
surrendered during the survey was required to be assessed
Siddharth Agarwal Rs. 67,20,000/- ) u/s 68 read with Section 115BBE of the
1961 Act, vide assessment order dated 23.12.2017 passed ... drew our attention to provisions
of Section 115BBE AND Section 68 of the 1961 Act. Our attention was also drawn to
provisions of Sub-section
that the ld. Assessing Officer has failed to
consider applicability of section 115BBE read with section ... taxed u/s 69A
of the Act read with section 115BBE of the Act and the benefit of
unabsorbed depreciation/loss were
normal rates instead of amended provisions of section 115BBE of the act applicable
ITA No.677/Ind/2019
DCIT vs.M/s. Punajb Retail ... taxed as per the amended provisions
contained u/s 115BBE applicable w.e.f. 01.04.2017 of I.T. Act .
(Addition
business. The
assessment was reopened solely on the ground that under Section 115BBE
of the Act having been brought into the statute book, the expenditure ... entitled to claim
set-off of loss against income determined under Section 115BBE of
the Act till the assessment year 2016-17."
8. Learned
oldin g that
amendmen t in section 115BBE is prospective in n ature
withou t appreciating that th e above amendment i s
clarificatory ... allowing the be nefit of provisions Section 115BBE of the
Income Tax Act, 1961 to the income assessed u/s 68 for the
assessment year
Officer
has made the impugned additions u/s 68 read with section 115BBE of the Income Tax
Act.
3. The assessee has raised the following ... allowability of set-off of losses against the deemed income under section
115BBE of the Income-tax Act, 1961 prior to assessment-year
115BBE of the Act."
4. Aggrieved by the aforesaid addition, assessee preferred appeal
before the CIT(A) and submitted that the cash deposits ... from beedi, tea power and pan masala and therefore
provisions of section 115BBE of the Act will have no application so as to
treat
