TMI Blog2022 (3) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... penditure over receipts, to subsequent years. Accordingly, the sole ground raised by the Revenue is dismissed. - ITA No.1371/Mum./2021 - - - Dated:- 28-2-2022 - Shri Amarjit Singh, Accountant Member And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : None For the Revenue : Shri Salil Mishra, CIT DR ORDER PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been preferred by the assessee challenging the order dated 26th April 2021, passed under section 250 of the Income Tax Act, 1961 (hereinafter referred to as the Act ) by the Commissioner of Income Tax (Appeals) 49, Mumbai, [hereinafter referred to as the CIT(A) ] for the assessment year 2015 16. 2. In this appeal, the Revenue has raised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, the appeal before the Tribunal was filed on 3rd August 2021. The learned DR further submitted that the last date for filing of appeal before Tribunal was 3rd July 2021, which in view of order dated 27th April 2021 passed by the Hon'ble Supreme Court in Miscellaneous Application no.665/2021 in Suo Motu Writ (Civil) no.3/2020, was extended and thus there is no delay in filing the present appeal. 5. As the limitation period for all judicial / quasi judicial proceedings was extended by the Hon'ble Supreme Court vide order dated 27th April 2021, in Suo Motu Writ (Civil) no.3/2020 (supra), there is no delay in filing the present appeal and we hear the same on merits. 6. The only issue arising in the present appeal is regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed to be carried forward to subsequent years. 9. In appeal, the CIT(A) following various judicial precedences allowed the appeal filed by the assessee observing as under: 6.3. I have carefully considered the facts of the case, position of law and submission of the Ld, AR. The issue involve in this ground of appeal is whether the appellant is eligible to claim the exemption u/s 11(1)(a), though it had incurred the expenditure for objects of trust in excess of gross receipts earned during the year. The appellant had disclosed the gross receipts of ₹ 38,07,11,114/- and had incurred an expenditure for objects of the trust of ₹ 44,62,48,150/-, The appellant had claimed the exemption u/s 11(1)(a) of ₹ 5,71,06,667/ (@ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .R. and perused the material available on record. We find that on similar issue, the Hon'ble Supreme Court in Subros Educational Society (supra) held that any excess expenditure incurred by the trust / charitable institution in earlier assessment year would be allowed to be set off against income of the subsequent years by invoking the provisions of section 11 of the Act. We further find that Hon ble Supreme Court vide order dated 11th January 2022 passed in CIT (Exemption) v. Subros Educational Society, Review Petition (Civil) Diary No. 20745 of 2020 in Civil Appeal No. 5171 of 2016, has dismissed the Review Petition filed by the Revenue against the aforesaid decision of the Hon'ble Supreme Court. Thus, respectfully following the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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