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2015 (3) TMI 1117 - ITAT MUMBAI

2015 (3) TMI 1117 - ITAT MUMBAI - TMI - 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 Hon'ble Bombay High Court in assessee’s own case for A.Y. 2005-06 [2013 (3) TMI 654 - BOMBAY HIGH COURT], which is not disputed by the Revenue, we do not find any infirmity in the order passed by the CIT(A) allow .....

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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 ₹ 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 Banking Personnel Services reported in 264 ITR 110 (Bom) ignoring the fact that this would have the effect of granting double benefit to the assessee, first as accumulation of income u/s 11(1)(a) or as corpus donati .....

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ssee 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. Assessee preferred an appeal before the CIT(A) and contended that identical issue was decided in favour of the assessee in its own case fo .....

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