TMI Blog2015 (3) TMI 1297X X X X Extracts X X X X X X X X Extracts X X X X ..... o the assessee against the income of the assessee. 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 allowed. - Decided in favour of assessee. - ITA No. 892/JP/2012, C.O. No. 79/JP/2012 - - - Dated:- 13-3-2015 - T. R. Meena (Accountant Member) And R. P. Tolani (Judicial Member) For the Assessee : Sanjay Jhanwar Raghav Bajaj, Advocate For the Revenue : Purshottam Kashyap, Addl. CIT ORDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure of capital r eceipt being one time receipt, liable to be transferre d to General Reserve . c. treating the amount received on account of BOOKBANK to the tune of Rs. 4,73,810/- as income of the Respon d ent society when the same was capital receipt for the purpose of bu y ing books for the library and thus transferred to the General R eserve . d. including the amount received on account of forms and late fees to the tune of Rs. 1069625/- i n Total Income when the amount so received was in the nat u re of capital receipt being one time receipt, liable to be transferred to Gene r al Reserve . e. disallowing the depreciation claimed by the Respondent society on Buses to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure. Since we have allowed this ground in favour of the assessee therefore, all other grounds having become academic in nature and has become infructuous, they are dismissed. Respectfully following Hon'ble ITAT Bench A Jaipur order dated 15-03-2012 in the case of the appellant in assessment year 2008-09, the AO is directed to allow set off of quantified carried forward losses to the assessee against the income of the assessee . Ground No. 11 is allowed in favour of the appellant. 2.4 This Bench of ITAT in assessee's own case (ITA No. 1062/JP/2011 dated 15-03-2012) for the assessment year 2008-09 has held as under:- 2. Various grounds i.e. 10 in number have been taken by the assessee in its appeal. The ld. Counsel of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther hand, the ld. D/R stated that the issue may be decided on merit. 8. After considering the submissions and perusing the material on record, we find that assessee deserves to succeed in this ground. We have seem various assessment orders for earlier years, copies of which are placed on record 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. 9. For the sake of clarification, for the year under consideration there was a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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