ITA No.2270/Mum/2024

Parties Involved

Facts Summary

The assessee, Klaus Waren Fixtures Pvt. Ltd., filed an appeal against the order passed by NFAC, Delhi for the Assessment Year 2013-14. The assessee argued that the Assessing Officer and the Commissioner of Income Tax (Appeals) erred in not allowing the set-off of unabsorbed depreciation of earlier years as accepted by the Revenue. The assessee claimed that the insertion of the word 'shall' in Section 115BBE(2) mandates the set-off of losses against income determined under Section 115BBE. The Tribunal held that the assessee is entitled to set off of losses against income determined under Section 115BBE till the Assessment Year 2016-17.…

Legal Issues

• 1. Whether the addition made under Section 68 can be set off against the losses in the Assessment Year 2013-14.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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