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2019 (2) TMI 526 - AT - Income TaxExemption u/s 11 - AO has denied the said carry forward of the excess of expenditure of income - Held that:- The assessee is a Charitable Trust which is registered with the Director of Income Tax (Exemption), Mumbai u/s. 12A and u/s. 80G of the Act. The assessee had claimed an amount of ₹ 2,33,03,449/- as excess expenditure over income being deficit to be carried forward for setting it off in subsequent years. The AO has denied the said carry forward of the excess of expenditure of income which has been later allowed by the CIT(A) based upon the decision of Hon’ble Bombay High Court in the case of CIT v. Institute of Banking Personnel Selection(IBPS)[2003 (7) TMI 52 - BOMBAY HIGH COURT]. We have observed that the Hon’ble Courts/Tribunal had taken consistent stand that in case of Charitable Trust excess expenditure over income is to be allowed to be carried forward for setting off against income of subsequent years . We do not find any reason to deviate from the consistent stand taken by the Hon’ble Courts/ Tribunal and Respectfully following aforesaid decision(s) as enumerated in preceding para’s of this order, we allow the carry forward of excess expenditure over income of ₹ 2,33,03,449/- to be carried forward to subsequent years . Thus, we confirm/affirm decision of learned CIT(A) and dismiss the appeal of the Revenue. We order accordingly.
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