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2012 (3) TMI 589

Head Note:
Exemption under section 11 - Held that:- We find that assessee deserves to succeed in this ground. We have seem various assessment orders for earlier years, copies of which are placed on record and found that the respective assessing officers had allowed the net deficit to be carried forward in the respective assessment order. Therefore, there is no reason in not allowing the benefit of carry forward losses/deficit. Accordingly, we direct the AO to allow the benefit of quantified carry forward losses to the assessee against the income of the assessee.

For the year under consideration there was a positive income and, therefore, assessee has filed its return showing the income of the year, exemption under section 11 of the Act has also been claimed. If the carry forward losses are allowed to be set off then the income will become of negative figure and, therefore, exemption under section 11 cannot be allowed. The ld. Counsel of the assessee has fairly agreed that if the ground no. 8 is allowed in its favour then other grounds will become academic in nature. Since we have allowed this ground in favour of the assessee, therefore, all other grounds having become academic in nature and has become infructuous, they are dismissed.


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