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Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI
Before: SHRI R.P.TOLANI
ORDER This is Revenue’s appeal. The only ground raised challenges the action of CIT(A) in allowing carry forward of deficit of Rs.8,12,28,425/- to subsequent year on the ground that there is no express provision in the Income Tax Act in this behalf. Further the Department has preferred SLP against Hon'ble Bombay High Court decision in the case of Institute of Banking Personnel Selection relied on by ld. CIT(A).
The Ld. Departmental Representative relied upon the order of the Assessing Officer.
On the other hand, Ld. Representative for the assessee contends that the issue in question has already been decided in favour of the assessee by ITAT in its own case for assessment year 2008-09 order dated 05/10/2015 and assessment years 2010-11 & 2011-12, order dated 18/11/2016 by observing as under:- “This Tribunal in the case of the assessee has followed the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Institute of Banking Personnel Selection, 264 ITR 110(Bom). No contrary decision was brought to my knowledge. In view of this and respectfully following the decision of this Tribunal, I confirm the order of CIT(A) and dismiss both the appeals of the Revenue.”
It is contended that the relief has been given by ld. CIT(A) following the order of ITAT in assessee’s own case, therefore, his order cannot be called as infirm merely because SLP has been filed by department in some other case.
I have carefully considered the rival submissions and perused the material on record. Respectfully following the series of ITAT judgments in assessee’s own case as mentioned above allowing the carry forward of deficit to asessee trust , Revenue’s grounds are dismissed.
In the result, appeal of the Revenue is dismissed.
Order pronounced in the open court on 01/02/2017