Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 195 - AT - Income TaxAssessment of trust - Carry forward of b/f losses - whether there is no provision in the statute to carry forward loss/excess application to subsequent years in case of charitable trusts being assessed under section 11 & 12? - CIT(A) set aside the action of the Assessing Officer and allowed the plea of the assessee for setting-off of carried forward amount of deficit of earlier years in order to compute the assessable income for the year under consideration - HELD THAT:- It was a common ground between the parties that the legal position laid down in the case of Raghuvanshi Charitable Trust [2010 (7) TMI 158 - DELHI HIGH COURT]continues to hold the field. In fact, the learned counsel for the assessee brought to the notice of the Bench that Hon'ble Supreme Court in the case of CIT(E) Vs. Subros Educational Society [2018 (4) TMI 1622 - SC ORDER]has impliedly affirmed the position of law enumerated by the Hon’ble High Court of Delhi while considering a similar question raised by the Revenue before it, as the Hon'ble Supreme Court did not find any merit in the same. - Decided against revenue.
|