TaxTMI 
TaxTMI 
TaxTMI 
2019 (7) TMI 2073
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....ing out of identical set of facts and circumstances, therefore, as a matter of convenience, these appeals were heard together and are being disposed of by way of this consolidated order. Since, facts relating to the disputed issue are common in all the appeals, ITA no.3167/Mum/2018 is taken up as the lead appeal and for the sake of brevity we will discuss the facts relating to this appeal. The grounds raised, which are identical in all the appeals except the figures, are reproduced below:- "1. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was erred to allow carry forward of deficit of Rs.60,62,30,535/-, and directing the Assessing Officer to allow carry forward of deficit on account of excess expend....
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....essing Officer be restored. 5. The Appellant craves leave to amend or alter any ground or add a new ground which may be necessary." 3. As could be seen from the grounds raised, the only issue on which the aforesaid appeal has been filed is against the decision of the learned Commissioner (Appeals) in allowing carry forward of deficit arising out of excess expenditure/application of fund in the current year. 4. Brief facts are, the assessee is a Charitable Trust registered with the Charitable Commissioner, Mumbai. Further, the assessee was also granted registration under section 12A of the Income Tax Act, 1961 (for short "the Act") by the Director of Income Tax (Exemption), Mumbai. For the assessment year under consideration, the assess....
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....le Jurisdictional High Court before the Hon'ble Supreme Court. He observed, since the amount claimed as loss/deficit has already been allowed towards application of fund, carry forward and set-off of the deficit in the subsequent year would amount to double deduction. Accordingly, he rejected assessee's claim of carry forward and set-off of excess application/deficit of fund/income. Being aggrieved with the aforesaid decision of the Assessing Officer, the assessee preferred appeal before the first appellate authority. 5. The learned Commissioner (Appeals) after considering the submissions of the assessee and relying upon the decision of the Hon'ble Jurisdictional High Court in Institution of Banking Personnel Selection Services (su....
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....strial Development Corporation (MIDC) is pending before the Hon'ble Supreme Court is also factually incorrect as the said SLP has been tagged with other appeals filed on identical issue and disposed of by the Hon'ble Supreme Court by upholding the decision of the Hon'ble Jurisdictional High Court in allowing assessee's claim of carry forward of deficit. In support of such contention, the learned Authorised Representative submitted before the Bench the orders of the Hon'ble Supreme Court on the disputed issue. Thus, he submitted, the issue stands concluded in favour of the assessee. 9. We have considered rival submissions and perused the material on record. We have also applied our mind to the decisions relied upon. Undisput....
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....of the Revenue. As regards the contention of the Revenue that in case of MIDC, the SLP by the Revenue on identical issue is pending before the Hon'ble Supreme Court, we must observe, while deciding the SLP filed by the MIDC along with a bunch of similar appeals, the Hon'ble Supreme Court in CIT v/s Rajasthan and Gujarati Charitable Foundation Poona &Ors., have approved the decision of the Hon'ble Jurisdictional High Court in Institution of Banking Personnel Selection Services (supra) and various decisions of the Hon'ble High Courts expressing similar view. In fact, the issue was set at rest by the Hon'ble Supreme Court while deciding the misc. application filed by the Revenue in Subros Educational Society, vide M.A. no.941 o....