TaxTMI 
TaxTMI 
2026 (8) TMI 196
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.... Income-tax Act, 1961, on 18 March 2024 by the National Faceless Assessment Centre, Delhi, was dismissed. 2. Grounds of the assessee are that The CIT (Exemptions) under the provisions of Section 263 has erred in not allowing set off of brought forward excess of expenditure over income of previous year with current year's Income on the grounds that the Trust is not registered u/s. 12A of the Income-tax Act. An appeal was filed against the said order before the CIT(A) and CIT(A) confirmed the same without verifying the facts and just confirming the order passed by CIT (Exemptions), Bangalore. After scrutiny of the return filed for the A.Y. 2018-19, the Assessing Officer had passed order u/s. 143(3) of the I.T. Act in favour of the Appe....
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....pellant considering the Trust as AOP and brought forward excess of Expenditure over Income of earlier years were allowed to be set off against the income of the said year where appeal has been preferred. Relying on the decision of our own case, the excess of expenditure over income of the A.Y 2010-11, 2014-15 and 2017-18 was set off against the income of the A.Y. 2018-19.The Assessing Officer under the Faceless Assessment e-proceedings did not considered the orders passed by the jurisdictional Assessing Officer during various assessments as well as decision given by the CIT(Appeals) in Appellant's favour, allowing the excess of expenditure over income of earlier years be allowed to be set off against the income of the year. If a Trust i....
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....orward depreciation loss u/s. 32(1) available to AOP's as an assessee under the Income-tax Act, as the Trust was considered as an AOP, but denying the same, the CIT(Exemptions) has denied the assessee the principles of natural justice. 2. The assessee is an educational society running Delhi Public School at MRPL Township, Mangalore, Karnataka, to provide education to the children of MRPL employees as well as other students. The assessee filed its return of income on 3 November 2018 and revised it on 23 March 2019, declaring nil income after claiming exemption under section 10(23C)(iiiad) of the Incometax Act. The assessment was completed under section 143(3) of the Act on 10 January 2021 at the returned income, with the assessee asse....
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....e income and expenditure details furnished by the assessee. However, in the order passed under section 263, the CIT(Exemptions) denied the set-off of brought-forward excess expenditure from earlier years against the current year's income, on the ground that the assessee was not registered under section 12A or section 10(23C). Consequently, the assessee's claim for set-off against the current year's income was disallowed, leading to the present appeal. 6. We have heard the learned representatives and examined the material on record. The issue is whether the assessee may set off the brought-forward excess of expenditure over income from earlier years against the income of the current year. The learned Authorised Representative submitted th....