2025 (9) TMI 365

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....0.3.2025 wherein the appeal filed by the assessee against the assessment order passed u/s. 143(3) of the Incometax Act, 1961 [the Act] dated 19.4.2021 was dismissed for the reason that on the date on which hearing notices were issued by the CIT(A), no compliance was made. The assessee is aggrieved with the same and in appeal before us raising several grounds. 2. The brief facts of the case show that assessee is a charitable trust engaged in various charitable activities, filed its return of income on 31.10.2018. In the return of income the assessee has shown that it has received voluntary contribution of Rs. 25 lakhs and has claimed to have applied Rs. 31,445 towards charitable objects and further Rs. 50 lakhs were applied towards acquis....

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....nd. All these evidences are available in the annual accounts of the assessee and in the return of income filed. The above transaction has resulted in deficit of Rs. 25,31,445. He referred specifically to para 4 of the assessment order wherein in principle the ld. AO has agreed that assessee is entitled to benefit of carry forward of the deficit. It was further stated that the documentary evidence furnished before the AO are Income & Expenditure a/c and balance sheet along with computation of total income in Form 10B. It was further stated that deficit is arising out of regular books of account of charitable trust, could not have been denied to be carried forward. The ld. AO himself has mentioned the decision of the Hon'ble Supreme Court whe....