TMI Blog2017 (5) TMI 1564X X X X Extracts X X X X X X X X Extracts X X X X ..... o allow the carry forward and set off of deficit after due verification of facts - Decided in favour of assessee. - ITA No. 5143/MUM/2016 - - - Dated:- 12-5-2017 - SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Revenue by : Ms. Anju Goradia, DR ORDER PER N.K. PRADHAN, AM This is an appeal filed by the revenue. The relevant assessment year is 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the cases and in law, the Ld. CIT(A) erred in allowing the claim of the assessee for carry forward of the said deficit by relying upon the judgement of Hon'ble High Court in the case of Institute of Banking Personnel Selection, ignoring the fact that the Department has not accepted the said decision of the jurisdictional High Court on merit of the case. 3. Briefly stated, the facts of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the assessee. 6. We have heard the learned DR and perused the relevant material on record. The Hon'ble Bombay High Court in Institute of Banking Personnel (supra) held as under: 5. Now coming to question No. 3, the point which arises for consideration is : whether excess of expenditure in the earlier years can be adjusted against the income of the subsequent year and whether s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the head profits and gains of business under section 28 in which the provision for carry forward of losses was relevant. That, in the case of a Charitable Trust, there was no provision for carry forward of the excess of expenditure of earlier years to be adjusted against income of subsequent years. We do not find any merit in this argument of the Department. Income derived from the trust prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion No. 3 in the affirma-tive i.e., in favour of the assessee and against the Department. 6. We find that the learned CIT(A) has rightly followed the above judgement of the Hon'ble Bombay High Court and directed the A.O. to allow the carry forward and set off of deficit after due verification of facts. We uphold the order of learned CIT(A). 7. In the result, the appeal filed by the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
