NATIONAL SOCIETY FOR EQUAL OPPORTUNITIES FOR THE HANDICAPPED INDIA,MUMBAI vs. ASST DIT (E) II(2), MUMBAI

ITA 7740/MUM/2014Status: DisposedITAT Mumbai21 June 2016AY 2010-112 pages

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the impugned order of the CIT(A) was not sustainable in law. It directed the CIT(A) to follow the ratio of the jurisdictional High Court and grant the set off of brought forward losses.

What were the facts?

The assessee sought to set off brought forward losses (excess expenditure over income) against the excess income of the current assessment year. The lower authorities denied this benefit, attempting to distinguish a binding High Court judgment.

What were the issues?

Whether brought forward losses can be set off against the income of the current year, following the ratio of a jurisdictional High Court judgment.

Which sections of the Income-tax Act were involved?

Not explicitly mentioned, but relates to set off of losses.

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

CIT v. Institute of Banking Personnel Selection
264 ITR 110 · 2003 · HC
398 citing

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: SHRI D. KARUNAKARA RAO

For Appellant: Shri Mandar Vaidya

For Respondent: Shri Aarsi Prasad, JCIT

Hearing: 21.06.2016Pronounced: 21.06.2016

सुनवाई की तायीख / Date of Hearing : 21.06.2016 घोषणा की तायीख /Date of Pronouncement : 21.06.2016 आदेश / O R D E R

PER D. KARUNAKARA RAO, AM:

This appeal filed by the assessee on 29.12.2014 is against the order of the CIT (A)-1, Mumbai dated 28.8.2014 for the assessment year 2010-2011. In this appeal, assessee raised solitary issue in the ground of appeal

and it relates to failure to grant set off of the brought forward losses (excess expenditure over the income) against the excess income reported in the AY 2010-2011.

2. Before us, Ld Counsel for the assessee mentioned that the allowability of set off of the brought forward losses against the excess income of the current year is a covered issue in view of the binding judgment of the Hon’ble jurisdictional High Court in the case of CIT vs. Institute of Banking (264 ITR 110). The Authorities below made an attempt to distinguish the said judgment and denied the benefit to the assessee. On these facts, Ld Counsel for the assessee brought our attention to the cited judgment in the case of Institute of Banking (supra) and read out the ratio of the said judgment that excess expenditure in prior years can be set off against income of current year. It is the contention of the Ld Counsel for the assessee, to that extent the assessee is eligible for exemption.

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