2015 (3) TMI 1419

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... O R D E R PER N.K. BILLAIYA, AM: These two appeals by the Revenue are preferred against two separate orders of the Ld. CIT(A)-1, Mumbai pertaining to assessment years 2007-08 & 2009-10. In both these appeals the common grievances read as under: "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the AO to allow benefit of exemption u/....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ld not bring any distinguishing fact/decision in favour of the Revenue. 5. We have carefully perused the orders of the authorities below and the relevant decision of the Tribunal in ITA No. 6621/M/12 for A.Y. 2008-09. We find force in the contention of the Ld. Counsel. The issues involved in the year under consideration were also there before the Tribunal in A.Y. 2008-09. We find that the Tribu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....forward of deficit of earlier years. 8. We find that this issue was considered by the Hon'ble Bombay High Court in the case of Institute of Banking 264 ITR 110 wherein the Hon'ble High Court has held as under: "Now coming to question No. 3, the point which arises for consideration is : whether excess of expenditure in the earlier years can be adjusted against the income of the subseque....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the head "Profits and gains of business" under Sec. 28 in which the provision for carry forward of losses was relevant. That, in the case of a charitable trust, there was no provision for carry forward of the excess of expenditure of earlier years to be adjusted against income of the subsequent years. We do not find any merit in this argument of the Department. Income derived from the trust proper....