DCIT, CHANDIGARH vs. M/S THE TRIBUNE TRUST, CHANDIGARH

per the section refers only to the actual accumulation.

Since as per the facts of the present case the assessee has

claimed deduction of accumulation in excess of the actual

amount,the same we hold is not allowable to the assessee

.The loss claimed to be carried forward by the assessee on

account of the same is therefore also disallowed. The

decision relied upon by the Ld.CIT(Appeals) in the case of

Maharana of Mewar Charitable Foundation (supra), the

decision of the Hon'ble Gujarat High Court in the case of

Shri Plot Swetamber Murti Pujak Jain Manal (supra) are of

no assistance to the assessee since the same we find are

distinguishable on facts as in all the said case, the loss

incurred by the assessee was actual with the expenditure

exceeding the gross receipt of the assessee and it was in

those circumstances that the courts held that the assessee

was entitled to carry forward the loss to be set off against

the income of the succeeding years.

entitled to claim carry forward of loss to the extent of

Rs.9,70,90,059/- and set aside the order of the CIT(A).

Order pronounced in the Open Court.

Sd/- Sd/- (SANJAY GARG) (ANNAPURNA GUPTA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated : 23rd March, 2018 *Rati* Copy to: 1. The Appellant 2. The Respondent 3. The CIT(A) 4. The CIT 5. The DR Assistant Registrar, ITAT, Chandigarh