The assessee claimed the setoff of business loss and depreciation against the addition made\u00a0 u\/s 68 of the Act .\u00a0 The set off was not allowed by the Assessing Officer , which was affirmed by the Appellate Tribunal . On appeal allowing the appeal the Court held that\u00a0\u00a0 amendment brought in sub-section (2) of section 115BBE by Finance Act, 2016, whereby set off of losses against income referred to in section 68 was denied, would be effective from 1-4-2017 . Accordingly the assessee is entitle to set off the brought forward loss and depreciation against the\u00a0 addition u\/s 68 of the Act\u00a0 . Matter remanded to the Appellate Tribunal for further adjudication .\u00a0 Referred CBDT Circular No.11\/2018 dated 19-6-2019(AY. 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 72 : Carry forward and set off of business losses -Unabsorbed depreciation -Can be set off against sum chargeable to tax as income u\/s 68 of the Act \u2013 Provision of S.115BBE which barred set off of losses against income determined u\/s 68 was effective from 1-4 -2017 and not applicable for the Assessment year 2006 -07 [ S. 32 , 68 71 ,115BBE ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19808","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-59u","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19808"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19808\/revisions"}],"predecessor-version":[{"id":19809,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19808\/revisions\/19809"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}