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2020 (2) TMI 706 - AT - Income TaxExemption u/s 11 - section 2(15) Applicability - Carry forward and set off of unabsorbed deficit - HELD THAT:- We notice that the learned CIT(A) has followed the decisions rendered by the Co-ordinate Benches in M/S. KARNATAKA INDUSTRIAL VERSUS THE ADDITIONAL DIRECTOR OF INCOME TAX (EXEMPTIONS) , BANGALORE. [2015 (10) TMI 481 - ITAT BANGALORE] deciding the first issue, i.e., the issue relating to applicability of proviso to sec.2(15) of the Act and accordingly held that the said proviso will not apply to the activities carried on by the assessee. We also notice that the Ld CIT(A) has followed SHRI PLOT SWETAMBER MURTI PUJAK JAIN MANDAL [1993 (11) TMI 17 - GUJARAT HIGH COURT] case holding that the assessee is entitled to claim set off of brought forward excess application (deficit) during the year under consideration. Accordingly, we do not find any infirmity in the order passed by the CIT(A). Appeals filed by the Revenue are dismissed.
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