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2012 (3) TMI 589

and found that the respective assessing officers had allowed the net deficit to be carried forward in the respective assessment order. Therefore, there is no reason in not allowing the benefit of carry forward losses/deficit. Accordingly, we direct the AO to allow the benefit of quantified carry forward losses to the assessee against the income of the assessee. - For the year under considerati .....

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r For the Respondent : D. K. Meena ORDER R. K. Gupta (Judicial Member) This is an appeal by assessee against the order of ld. CIT (A) relating to assessment year 2008-09. 2. Various grounds i.e. 10 in number have been taken by the assessee in its appeal. The ld. Counsel of the assessee stated that if Ground No. 8 is taken first and if the same is allowed, then other grounds will become academic in .....

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xemption of its income under section 10(23C)(vi) of the Act. The ld. Chief Commissioner of Income-tax vide his order dated 22.3.2006 had rejected the application of the assessee and this fact has been mentioned in the order passed for the assessment year 2004-05, copy of which is placed at paper book pages 66-70. It was submitted that in earlier year s assessment has been completed and department .....

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ssessee. 9. For the sake of clarification, for the year under consideration there was a positive income and, therefore, assessee has filed its return showing the income of the year, exemption under section 11 of the Act has also been claimed. If the carry forward losses are allowed to be set off then the income will become of negative figure and, therefore, exemption under section 11 cannot be all .....

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