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2016 (1) TMI 495 - AT - Income TaxDisallowance of claim for carry forward of deficit - whether resulting out of excess application over income - Held that:- The claim of the assessee that deficit from earlier years can be set-off against current year’s income for working out the utilisation, found approval. 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. - Decided in favour of assessee
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