2022 (1) TMI 244

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....one Respondent by : Shri Achal Sharma, DR ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Dy. Commissioner of Income Tax (Exemption) 2(1), Mumbai against the order passed by the Commissioner of Income Tax (Appeals)-1, Mumbai [in short 'the CIT(A)'] on 19.08.2020, wherein the appeal filed by the assessee against the assessment order passed under section 143(3) of the I....

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....,346/-. The Assessing Officer rejected the claim holding that the provision 11 of the Act does not permit the determination of deposit. 04. Aggrieved by that order assessee preferred the appeal before the learned CIT(A) , who allowed the claim of the assessee following the decision of the Hon'ble Jurisdictional High Court in the case of DIT(Exemption) vs. MIDE in ITA No. 2652 of 2011 dated 20.0....

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....carefully considered the contentions of ld DR and perused the orders of the lower authorities. Vide Para No. 7.3.1 the learned CIT(A) has allowed the deficit to the assessee to be carried forward following the decision of the Hon'ble Jurisdictional High Court. He also supported such decision by the decision of Hon'ble Supreme Court wherein the Special SLP filed by the Revenue was dismissed. The le....

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....nds dismissed. In view of such facts and circumstances of the case and in view of the decisions of Hon'ble Jurisdictional High Court and the Hon'ble Apex Court, the action of the Assessing Officer in not allowing carry forward of deficit of earlier years (and set off thereof) as also not allowing loss of current year be carried forward for adjustment in subsequent years is not found justifiable. A....