2015 (3) TMI 1117

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....h For the Respondent: Shri Manoj Kale   O R D E R Per D. Manmohan, V.P. This appeal by the Revenue is directed against the order passed by CIT(A)-1, Mumbai and it pertains to A.Y. 2007-08. 2. The following grounds were urged before us: - "1. That on the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in allowing the carry forward of deficit of Rs.....

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....bsp; 3. Facts necessary for disposal of the appeal are stated in brief. Assessee is a trust registered under section 12A of the Income Tax Act. During the year assessee claimed total application of funds of  Rs.40,58,62,345/- and adjusted the same against surplus as per Income & Expenditure account. Funds which we not applied were not allowed to be carried forward by the AO. Surplus of ....