TaxTMI 
TaxTMI 
2018 (6) TMI 1827
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....id appeals have been filed by the revenue against separate impugned order of even date 24.2.2015, passed by Ld. CIT (Appeals) - 40, New Delhi for the quantum of assessment passed u/s143(3) for the assessment years 2010-11 and 2011-12. In both the appeals the common issues raised are as under:- "1. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in allowing....
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.... carry forward of losses are dealt with by the provision of section 70,71,72,73 & 74 of the Income Tax Act. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in allowing the claim of carry forward of losses disregarding the facts that the provision of the Act are not applicable in the cases who are claiming exemption u/s 11&12 of the Income Tax Act, 1961."....
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....case of Escorts Ltd. vs Union of India 199 ITR 43, he disallowed the claim of depreciation. He further held that the provision of section 11 r.w.s 12 and 13 do not envisage set off of deficit/excess expenditure of earlier assessment years and accordingly, he disallowed the set off of loss of earlier deficit with current year income. 3. Before the Ld. CIT (A), the assessee relied upon the followin....
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....on Society, 330 ITR 21 (2011) (P & H). Heavy reliance was also placed on the judgment of Hon'ble Delhi High Court in the case of DIT (Exemption) vs. Indraprastha Cancer Society in ITA Nos. 240,348,406,463 & 464/2014 order dated 18.11.2014. Ld. CIT (A), though allowed assessee's claim, however held that it is not correct, but since there is a jurisdictional high Court judgments, therefore, he is f....