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2013 (4) TMI 578 - ITAT HYDERABADOrder of CIT u/s. 263 - as per CIT Settlement of inter branch accounts was not in order - An amount credited P&L Account on account of settlement of inter branch accounts and the same was reduced while computing the income claiming it to be exempt from tax - the assessee, a banking company and subsidiary of the State Bank of India - Held that:- Respectfully following the consistent view taken by various benches of the Tribunal in M/s. Punjab National Bank, New Delhi V/s. Addl. CIT [2012 (5) TMI 437 - ITAT, New Delhi] on the issue of income attributable to inter- branch transactions in respect as of a banking company the said income is not liable to tax and in any event, the Commissioner of Income-tax is not justified in invoking the revisionary powers under S.263 of the Act in relation to that issue.In favour of assessee. Non-existent set off of losses - as per CIT AO while computing the income non-existent set off of losses were allowed - Held that:- Not convinced with the observation of the CIT that the brought forward loss of assessment year 2005-06, sought to be set off by the assessee from the income of the year under appeal, was a non-existent one, in view of income determined on assessment, or re-determined based on subsequent appellate orders of that years. As whatever loss of the earlier year has been brought forward by the assessee, as per its books of account, has to be set off against the income determined for the year under appeal. Thus AO was correct in accepting the claim of the assessee for set off of brought forward loss of assessment year 2005-06. In favour of assessee.
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