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Circular No. 11/2019 Income tax – Clarification regarding non allowability of set off of losses against the deemed income under section 115 BBE

extension of due date of income tax return
non allowability of set off of losses under section 115 BBE
non allowability of set off of losses under section 115 BBE

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The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court

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