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2016 (1) TMI 444 - AT - Income TaxExemption u/s.11 and 12 - Revenue disputed only regarding deficit being based on figures after considering 15% of the gross income as exempt - Held that:- 15% of the gross income or receipts have to be first deducted before computing the surplus or deficit arising to the assessee for a year. See Addl. CIT v. ALN Rao Charitable Trust [1995 (10) TMI 2 - SUPREME Court ] Eligibility for carry forward of such deficit - rectification of mistake - Held that:- Allowing or not allowing carry forward deficit adjustment was not something which would fall within the parameters of a rectificatory proceedings u/s.154 of the Act. However in principle, the claim of the assessee that deficit from earlier years can be set-off against current year’s income for working out the utilisation. In view of this, we are of the view that assessee is eligible for claiming carry forward of the deficit, and CIT (A) was justified in directing so.
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