DY CIT CC-7(1), MUMBAI vs. DR. D.Y. PATIL INTERNATIONAL ACADEMY, MUMBAI

आयकरअपील सं./ (धििाारण वर्ा / Assessment Year: 2016-17) Dr. D. Y. Patil International Academy DCIT Cen Cir. 7(1) R. No. 676B, 6th floor, बिाम Dr. D. Y. Patil Knowledge City Charholi BK, Via Lohegaon Aaykar Bhavan / Vs. Pune-412 105 M. K. Road, Mumbai-20 स्थायीलेखासं./ जीआइआरसं./ PAN/GIR No. AAATD-9542-N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue by : Shri Rajat Mittal – Ld. Sr. DR Assessee by : Shri Prakash Jhunjhunwala – Ld. AR सुनवाई की तारीख/ : 27/10/2021 Date of Hearing घोषणा की तारीख / : 01/11/2021 Date of Pronouncement आदेश / O R D E R Per Bench 1. Aforesaid appeals by revenue in case of two different assessee for Assessment Years (AY) 2011-12 to 2016-17 assail separate orders of first appellate authority. However, the facts as well as issues are common in all the years and it is admitted position that adjudication in any one year shall equally apply to other years also. For the purpose of adjudication, the appeal for AY 2011-12 is taken up first which arises out of common appellate order dated 16/10/2020 passed by Ld. Commissioner of Income-Tax (Appeals)-49, Mumbai [CIT(A)] in the matter of assessment framed by Ld. Assessing Officer (AO) u/s 143(3) r.w.s. 153A on 28/12/2018. The grounds read as under: 1. Whether On the facts and in the circumstances of the case and in law, the Ld. ClT(A) is justified in allowing the assessee to carry forward the deficit, being excess of expenditure over receipts, to subsequent years and the same is eligible to be set-off with the income of subsequent years by relying upon the judgment of Hon'ble Bombay High Court in the case of Institute of Banking Personnel Selection (IBPS), ignoring the fact that there was no express provision in the I T Act, 1961 permitting allowance of such claim.

The judgment by the Hon'ble Supreme Court in the case of M/s. Subros Educational Society in M.P.No.941/2018 in CA No.5171/2016 on the issue of carry forward of deficit has not been accepted by the department and a Review Petition has been filed before the Hon'ble apex Court with Diary No. 20745/2020."