https://www.taxtmi.com/caselaws?id=764306 The court ruled in favor of the appellant, allowing the setoff of an accumulated deficit of Rs. 5,66,68,630/- from previous years against the current year's surplus. This decision was based on precedents, including CIT vs. Subros Educational Society, which supported such setoffs. The court found the appellant's arguments more persuasive and concluded that the recent amendment to Section 11 was not applicable for the assessment year in question. Other issues, such as jurisdiction and interest charges, were not explicitly addressed in the judgment. en-us Wed, 20 Nov 2024 00:00:00 +0530 Tue, 07 Jan 2025 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764306 The court ruled in favor of the appellant, allowing the setoff of an accumulated deficit of Rs. 5,66,68,630/- from previous years against the current year's surplus. This decision was based on precedents, including CIT vs. Subros Educational Society, which supported such setoffs. The court found the appellant's arguments more persuasive and concluded that the recent amendment to Section 11 was not applicable for the assessment year in question. Other issues, such as jurisdiction and interest charges, were not explicitly addressed in the judgment. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764306