TaxTMI 
TaxTMI 
2015 (3) TMI 1297
X X X X Extracts X X X X
X X X X Extracts X X X X
....cts and in the circumstances of the case and in law the ld. CIT(A) has erred in:- (i) allowing the benefit of quantified carried forward losses to the assessee against the income of the assessee." 2.2 The assessee has raised following grounds in its cross objection. "1. Under the facts and circumstances of the case and in law, the Ld. CIT(Appeals), Jaipur-II, Jaipur has erred in affirming the action of Assessing Officer in denying the exemption u/s 11 of the Income-tax Act, 1961 to the appellant society by invoking the provisions of section 13(2)(a) and 13(1)(d) of the Act. 2. Under the facts & circumstances of the case and in law, the Ld. CIT(Appeals), Jaipur-II, Jaipur has erred in affirming the action of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ning the taxable income of the Respondent Society at Rs. 60,75,130/- and not granting the benefit of application of income as per the provisions of section 11 of the Act." 2.3 During the course of hearing, the ld. Counsel for the assessee contends that the issue in question is similar to assessment year 2008-09 in assessee's own case. The ld. CIT(A) has passed the order in question allowing set off of carried forward losses to the assessee by following the ITAT judgement which is evident from following para 9 of ld. CIT(A)'s order. "9. for the sake of clarification for the year under consideration there was a positive income, and therefore, assessee has filed its return showing the income of the year, exemption u/s 11 of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ting the benefit of exemption under section 11 of the Act. 4. Ground No. 9 is against charging of interest under section 234B which is consequential in nature. The AO will grant consequent relief, if any. 5. Now we will take up the ground Nos. 8 of the assessee. 6. The ld. Counsel of the assessee stated that in earlier year the assessee's total income was of loss and, therefore, the assessee has not claimed any exemption under section 11 neither it was allowed. It was also submitted that assessee applied for exemption of its income under section 10(23C)(vi) of the Act. The ld. Chief Commissioner of Income-tax vide his order dated 22.3.2006 had rejected the application of the assessee and this fact has been mention....
X X X X Extracts X X X X
X X X X Extracts X X X X
....is allowed in its favour then other grounds will become academic in nature. Since we have allowed this ground in favour of the assessee, therefore, all other grounds having become academic in nature and has become infructuous, they are dismissed. 10. In the result, appeal of the assessee is allowed in part." 2.5 It is pleaded by the ld. AR of the assessee that since the ld. CIT(A) has passed the order following the judgment of ITAT, therefore, there is no infirmity in the order of the same. If the carried forward losses are allowed to the assessee then the income will remain negative and the issue in question as to Section 11 and 12 will not arise. If the order passed by the ld. CIT(A) is upheld then the C.O. of the assessee bec....