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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO
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.