2014 (6) TMI 432

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.... circumstances of the case and in law, the Ld. CIT(A) erred in directing the AO to allow benefits of exemption u/s11 to the assessee in respect of expenses of Rs.31,50,501/-, when the assessee had amended the memorandum of association on the basis of which the assessee was granted registration u/s 12A of the Act. 2. That on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing the claim of the assessee for carry forward of unabsorbed depreciation and deficit of current and earlier years amounting to Rs.23,94,22,334/- be adjusted against the income of the subsequent year, ignoring the fact that there was no express provision in the IT Act, 1961 permitting allowance of such claim. 3. That Appellant ....

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....under section 11, as assessee's registration under section 12A has been upheld by the Tribunal. 4. Before us the ld. D.R. submitted that the matter is only being contested to keep the issue alive as the appeal against the Tribunal's order dated 09.11.11 has been challenged before the Hon'ble High Court. On the other hand, the ld. counsel of the assessee submitted that once the Tribunal has set aside the order of the DIT (E) cancelling the registration, the assessee's registration under section 12A continues and therefore benefits under section 11 have to be allowed. 5. We have carefully considered the facts of the case and the order of the authorities below. On scrutiny of the facts, we find that the assessee's registration under sect....