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TMI Blog2015 (3) TMI 1117X X X X Extracts X X X X X X X X Extracts X X X X ..... Kale O R D E R Per D. Manmohan, V.P. This appeal by the Revenue is directed against the order passed by CIT(A)-1, Mumbai and it pertains to A.Y. 2007-08. 2. The following grounds were urged before us: - "1. That on the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in allowing the carry forward of deficit of Rs. 40,58,62,345/- on account of excess expenditu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal are stated in brief. Assessee is a trust registered under section 12A of the Income Tax Act. During the year assessee claimed total application of funds of Rs.40,58,62,345/- and adjusted the same against surplus as per Income & Expenditure account. Funds which we not applied were not allowed to be carried forward by the AO. Surplus of Rs.7,60,050/- was, therefore, brought to tax. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ference. 5. On the other hand, the learned D.R. strongly relied upon the order passed by the AO. 6. We have considered the rival submissions and carefully perused the record. Since the view taken by the learned CIT(A) is in conformity with the view taken by the Hon'ble Bombay High Court in assessee's own case for A.Y. 2005-06, which is not disputed by the Revenue, we do not find any infirmit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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