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Deputy Director of Income Tax (Exemption) 1 (1) Versus M/s. Maharashtra Industrial Development Corporation

2015 (3) TMI 1117 - ITAT MUMBAI

Carry forward of deficit on account of excess expenditure - Assessee is a trust registered under section 12A - CIT(A) allowed the claim of set-off - Held that:- Since the view taken by the learned CIT(A) is in conformity with the view taken by the Ho .....

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unt of excess expenditure - Decided in favour of assessee. - ITA No. 6129/Mum/2013 - Dated:- 5-3-2015 - Shri D. Manmohan, Vice President and Shri Chandra Poojari, Accountant Member For the Appellant: Shri Surinderjit Singh For the Respondent: Shri Ma .....

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es of the case and in law, the ld. CIT(A) erred in allowing the carry forward of deficit of ₹ 40,58,62,345/- on account of excess expenditure relying on the decision of the Hon'ble Bombay High Court in the case of CIT Vs. Institute of Banki .....

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year and then as application of income u/s. 11(1)(a) in the subsequent year which was legally not permissible? 2. That on the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in allowing the claim of the assessee for carry .....

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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 forw .....

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ted 15.03.2013). Having regard to the view taken by the ITAT, the learned CIT(A) set aside the disallowance made by the AO. 4. Aggrieved, Revenue is in appeal before us. At the time of hearing the learned counsel for the assessee submitted that in re .....

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