https://www.taxtmi.com/caselaws?id=375362 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order allowing the carry forward of the deficit of Rs. 9,76,12,251 for adjustment in subsequent years. The Tribunal relied on the decision of the Hon'ble Bombay High Court, which had previously settled the issue in favor of the assessee, stating that such adjustments should be treated as an application of income in subsequent years. The Revenue's argument of a double benefit to the assessee was found unmeritorious, and the Tribunal affirmed the CIT(A)'s decision in accordance with the law. en-us Wed, 13 Feb 2019 00:00:00 +0530 Mon, 18 Feb 2019 06:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375362 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order allowing the carry forward of the deficit of Rs. 9,76,12,251 for adjustment in subsequent years. The Tribunal relied on the decision of the Hon'ble Bombay High Court, which had previously settled the issue in favor of the assessee, stating that such adjustments should be treated as an application of income in subsequent years. The Revenue's argument of a double benefit to the assessee was found unmeritorious, and the Tribunal affirmed the CIT(A)'s decision in accordance with the law. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375362