TMI Blog2013 (9) TMI 1229X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue is directed against the order passed by the CIT(A)-I, Mumbai and it pertains to A.Y. 2007-08. 2. The following grounds were urged by the Revenue: - 1. Whether on the facts of the case and in law, the Ld. CIT(A) erred in allowing the carry forward of deficit and allowing set off against the income of the subsequent years, as allowing the deficit will tantamount to double dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ief, sports and cultural activities. For the year under consideration the assessee claimed set off of deficiency of earlier years against current year s income. In the opinion of the AO there is no provision for carry forward of expenditure since there is only a provision for carry forward of income under section 11(2) of the Act. 4. Aggrieved by the order of the AO the assessee contended befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out the correct amount of loss and allow the balance loss, if any, to be carried forward. 6. Aggrieved by the order of the learned CIT(A) Revenue is in appeal before us. At the time of hearing the learned D.R. submitted that in the absence of clear statutory prescription permitting the assessee to carry forward and set off against the income of the current year the AO was justified in rejecting ..... X X X X Extracts X X X X X X X X Extracts X X X X
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