INCOME TAX ACT, 1961

Section 115BBE

Tax under section 115BBE - Set of off losses - Against income determined under section 115BBE -

Assessee-company assailed action of AO in not allowing set off of business losses against surrendered / disclosed business income. Held: In view of CBDT Circular No. 11 of 2019, an assessee will be entitled to set off of losses against income determined under section 115BBE till assessment year 2016-17. In instant case, since assessment years involved were 2012-13 & 2013-14, the assessee was accordingly entitled to set off of current year losses against deemed income.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

INCOME TAX ACT, 1961

Section 37(1)

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