Set off of Loss against Income from Other Sources is prohibited wef 01.04.2017

Sri. John Daniel Vs ACIT (ITAT Cochin) The assessee an individual is proprietor of Sunmoon Hospitality. For the assessment year 2015-2016, the return of income was filed on 31.10.2015 declaring total income of Rs.22,18,070. The assessment u/s 143(3) of the I.T.Act was completed vide order dated 30.03.2017, wherein the total income arrived was at Rs.26,05,110. Subsequently, the CIT issued notice u/s 263 of the I.T.Act. According to the CIT, the assessment completed u/s 143(3) of the I.T.Act on 30.03.2017 is erroneous and prejudicial to the interest of the revenue for the reason that the Assessi...