https://www.taxtmi.com/caselaws?id=375506 The tribunal upheld the CIT(A)'s decision to allow the carry forward of the deficit of Rs. 5,23,93,620, relying on the Bombay High Court's judgment in a similar case. The tribunal agreed that the 15% accumulation claimed was impermissible when the entire income had been spent. The tribunal rejected the Revenue's appeal and the assessee's cross-objections, affirming the CIT(A)'s order entirely, emphasizing the binding nature of the High Court's decision and the absence of conflicting provisions in the IT Act, 1961. en-us Wed, 13 Feb 2019 00:00:00 +0530 Wed, 20 Feb 2019 06:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375506 The tribunal upheld the CIT(A)'s decision to allow the carry forward of the deficit of Rs. 5,23,93,620, relying on the Bombay High Court's judgment in a similar case. The tribunal agreed that the 15% accumulation claimed was impermissible when the entire income had been spent. The tribunal rejected the Revenue's appeal and the assessee's cross-objections, affirming the CIT(A)'s order entirely, emphasizing the binding nature of the High Court's decision and the absence of conflicting provisions in the IT Act, 1961. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375506