Dismissing the appeal of the revenue the Court held that amendment made by Finance Bill, 2016 to provisions of section 115BBE providing that no set off of any loss shall be allowed to assessee against deemed income under sections 68, 69, 69A to 69D could not be applied retrospectively (AY. 2014-15)
PCIT v. Aacharan Enterprises (P) Ltd. (2020) 273 Taxman 85 (Raj.)(HC)
S. 115BBE : Tax on income referred in section 68, or section 69 or section 69B or section 69C or section 69D-Finance Bill, 2016-No set off any loss against deemed income-Provision cannot be applied retrospectively. [S. 72]