CIT v. Institute of Banking Personnel Selection

264 ITR 110High Court2003#181 most cited

What is CIT v. Institute of Banking Personnel Selection authority for?

Depreciation is allowable on assets for which the cost has been fully allowed as an application of income under Section 11 in previous years, when computing the income of a charitable trust. Charitable trusts are also entitled to carry forward their deficit.

398

judgments rely on this decision, according to BharatTax’s citation analysis of 372,576 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Institute of Banking Personnel Selection · Section 11 · Section 11(1) · depreciation allowance for trusts · application of income · capital expenditure trusts · carry forward of deficit · charitable trust exemption · computing trust income

Sections most often in play

Section 143(3)Section 11Section 12ASection 147Section 11(1)(a)Section 11(6)Section 12Section 13(8)

Issues it is cited on

section 11(1)(a)section 11(1)application of incomecapital expendituresection 12asection 11section 10section 12previous yearsection 13personsection 25

Judgments citing CIT v. Institute of Banking Personnel Selection

ADIT (E)I(1), Mumbai vs. Mumbai Metropolian Region Development Authority, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 173/MUM/2013[2009-10]Status: DisposedITAT Mumbai10 Apr 2019AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri Ajay Kumar, DRFor Respondent: S/Shri JD Mistry
Section 11Section 11ASection 12ASection 143(3)

…आयकर अपीलीय अधिकरण “B” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री राजेश कुमार लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM Aayakr ApIla saM./ ITA No. 173/Mum/2013 (inaQa-arNa baYa- / Assessment Year 2009-10) DDIT (E) 1 Mumbai Metropolitan R.No. 504, Piramal Chambers Region Development 5th Floor, Parel, Mumbai-12 Authority Vs. Plot No.. C-14 & C-15, Bandra –Kurla Complex, Mumbai-400 051 .. (p`%yaqaaI- / Respondent) (ApIlaaqaI- / Appellant) स्थायी लेखा िं./PAN No. AAATM7106R अपीलाथी की ओर े / Appellant by : Shri…

ITO (Exemption)-2(3) Mumbai, Mumbai vs. Sayaji-U-Ba Khin Memorial Trust, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 6607/MUM/2017[2012-13]Status: DisposedITAT Mumbai09 Apr 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri Chaudhary Arunkumar SinghFor Respondent: Shri Rajnikant V. chaniyari, AR
Section 11Section 143(3)Section 32

…आयकर अपीलीय अधिकरण “G” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री राजेश कुमार लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM Aayakr ApIla saM./ ITA No. 6607/Mum/2018 (inaQa-arNa baYa- / Assessment Year 2012-13) The Income TAx Officer, (E)- Sayaji Uba Khin Memorial 2(3) Trust, Room No. 513, 5th Floor, Vs. 2nd Floor, Green House, Piramal Chambers, Lalbaug, Green street fort, Mumbai- Lower parel, Mumbai-400 012 400 023 .. (p`%yaqaaI- / Respondent) (ApIlaaqaI- / Appellant) स्थायी लेखा िं./PAN No. AAATT0114E अपीलाथी…

Nandlal Tolani Charitable Trust, Mumbai vs. ITO (E)2(1), Mumbai

In the result, appeal filed by the assessee is dimissed

ITA 106/MUM/2016[2012-13]Status: DisposedITAT Mumbai29 Mar 2019AY 2012-13

Bench: Shri Sandeep Gosain () & Shri G Manjunatha () Nandlal Tolani Charitable Vs Ito (E)-2(1), Mumbai Trust, 10-A, Bhkhtawar, Nariman Point, Mumbai 400 021 Pan : Aaatn0043Q Appellant Respondednt

Section 11Section 11(2)Section 12ASection 24

…ritable or religious trust/institution which has to be applied for the said purposes, has been a subject matter of a number of decisions, as by the hon'ble jurisdictional High Court in the case of CIT vs. Institute of Banking Personnel Selection (IBPS) [2003] 264 ITR 110 (Bom). This is even otherwise patent inasmuch as a trust could only apply the income as available with it, i.e., as arrived at following the accepted principles of commercial accounting. The computation provisions of the Act do not come into play, so that the said computation of the would be de hors the same. This would of course be subject to th…

The Assistant Commissioner of Income Tax (Exemptions) Circle-1, Mangalore vs. M/S T A Pai Management Institute, Manipal

In the result, appeal of the Revenue is dismissed

ITA 1367/BANG/2018[2015-16]Status: DisposedITAT Bangalore29 Mar 2019AY 2015-16

Bench: Shri. A. K. Garodia

For Appellant: Shri. M. Sridhar Kamath, CAFor Respondent: Ms. Neera Malhotra, CIT - DR

…of law and the judgment relied upon by it rendered by the cognate Bench. Therefore, the same does not call for interference. A similar view was also taken by the Division Bench of Bombay High Court in Commissioner of Income- tax v. Institute of Banking (2003) 264 ITR 110, wherein the Division Bench of Bombay High Court held that the income derived from the trust property has also got to be computed on commercial principles and if commercial principles are applied, then adjustment of expenses incurred by the trust for charitable and religious purposes" in the earlier years against the income earned by the trust in…

ITO (E) 2(3), Mumbai vs. Shree Manav Seva Sangh, Mumbai

In the result the appeal filed by the revenue is dismissed

ITA 5551/MUM/2017[2012-13]Status: DisposedITAT Mumbai20 Mar 2019AY 2012-13

Bench: Shri Pawan Singh & Shri N.K. Pradhanincome Tax Officer (E)-2(3), M/S Shree Manav Seva Sangh Room No.513, 5Th Floor, 255/257, Sion Main Road, Vs. Piramal Chambers, Lalbaug, Soin (West), Mumbai 400022 Lower Parel, Mumbai-400022 Pan:Aaats 1440Q Appellant Respondent Co No. 15/Mum/2019 In Ita No. 5551/Mum/20178 (A Y 2012-13) M/S Shree Manav Seva Sangh Income Tax Officer (E)-2(3), 255/257, Sion Main Road, Soin Room No.513, 5Th Floor, Vs. (West), Mumbai 400022 Piramal Chambers, Lalbaug, Pan:Aaats 1440Q Lower Parel, Mumbai-400022 Appellant Respondent Assessee By : Sh. Dinesh Shah & Shreya Doshi (Ar’S) Revenue By : Sh. Satish Chandra Rajora (Sr-Dr) Date Of Hearing : 14.03.2019 Date Of Pronouncement : 20.03.2019

For Appellant: Sh. Dinesh Shah & Shreya Doshi (AR’s)For Respondent: Sh. Satish Chandra Rajora (Sr-DR)
Section 11Section 143(3)Section 254(1)

…d of deficit of Rs. 2.04 Crore. On appeal before ld. CIT(A), both the action of the assessing officer were reversed. The ld CIT(A) granted relief to the assessee by following the decision of Hon’ble Bombay High Court in CIT Vs Institute of Banking Personnel ( 264 ITR 110). Being aggrieved by the order of ld CIT(A) the revenue has challenged the validity of the order of ld CIT(A) on the ground that the decision of High Court in CIT Vs Institute of Banking Personnel (supra) is not accepted by the revenue and filed ITA No. 5551/M/2017& CO No. 15/M/2019 Shree Manav Seva Sangh Special Leave Petition (SLP) before Hon…

Income Tax Officer (E)-2(3), Mumbai vs. Mahavira Jain Vidyalaya, Mumbai

In the result the appeal filed by the revenue is dismissed

ITA 5550/MUM/2017[2012-13]Status: DisposedITAT Mumbai20 Mar 2019AY 2012-13

Bench: Shri Pawan Singh & Shri N.K. Pradhanincome Tax Officer (E)-2(3), M/S Shri Mahavira Jain Room No.513, 5Th Floor, Vidyalaya, Vs. Piramal Chambers, Lalbaug, 99/101, Shri Kvo Jain, Lower Parel, Mumbai-400022 Mahajanwadi, Keshavji Naik Road, Chinch Bunder, Sandhurst Road, Mumbai 400009 Pan:Aaats2075B Appellant Respondent Assessee By : Sh. K.F. Doshi-Ca (Ar) Revenue By : Sh. Satish Chandra Rajora (Sr-Dr) Date Of Hearing : 14.03.2019 Date Of Pronouncement : 20.03.2019

For Appellant: Sh. K.F. Doshi-CA (AR)For Respondent: Sh. Satish Chandra Rajora (Sr-DR)
Section 11(2)Section 12ASection 143(3)Section 254(1)

…of deficit of Rs. 46,05,265/-. On appeal before ld. CIT(A), both the action of the assessing officer were reversed. The ld CIT(A) granted relief to the assessee by following the decision of Hon’ble Bombay High Court in CIT Vs Institute of Banking Personnel ( 264 ITR 110). Being aggrieved by the order of ld CIT(A) the revenue has challenged the validity of the order of ld CIT(A) on the ground that the decision of High Court in CIT Vs Institute of Banking Personnel (supra) is not accepted by the revenue and filed 2 Shri Mahavir Jain Vidyalya Special Leave Petition (SLP) before Hon’ble Supreme Court. The assessee…

Dy. Commissioner of Income Tax (Exemption), Lucknow vs. M/S Shri Ramswaroop Charitable Trust, Lucknow

In the result, appeal of the Revenue is dismissed

ITA 557/LKW/2017[2013-14]Status: DisposedITAT Lucknow08 Mar 2019AY 2013-14

Bench: Shri A.D Jain & Shri T.S. Kapoora.Y. 2013-14

Section 11Section 32Section 68

…fixed assets, therefore, it was a double deduction since the benefit of addition to the fixed assets was being allowed to the assessee in the last many years. On a similar issue the Hon'ble Bombay High Court in the case of CIT vs. Institute of Banking [2003] 264 ITR 110 has held as under:- "Normal depreciation can be considered as a legitimate deduction in computing the real income of the assessee on general principles or under section 11(1)(a) of the Income Tax Act, 1961. Income of a charitable trust derived from building, plant and machinery and furniture is liable to be computed in a normal commercial manner…

The Dy. Commissioner of Income Tax (Exemptions) Circle-2, Ahmedabad vs. Charutar Arogya Mandal

In the result, revenue’s appeal is dismissed

ITA 731/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad30 Jan 2019AY 2012-13

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Ms. Aparna Agrawal, CIT-D.RFor Respondent: Shri Sanjay R. Shah, A.R
Section 10Section 12ASection 143(1)Section 154Section 234ASection 244A

…against further income of the appellant. The appellant has relied upon the order of jurisdictional High Court in the case of CIT vs. Shri Plot Shwetambar Murtipujak Jain Mandal 211 ITR 293 (Guj.) and CIT vs Institute of Banking Personnel Section (IBPS) (2003) 264 ITR 110 (Bom.). Hon'ble Gujarat High Court in the case of Shri Plot Shwetambar Murtipujak Mandal has held as follows :- “A bare perusal of section 11 of the -Income-tax Act, 1961, shows that the income derived from property held under trust wholly for charitable or religious purposes to the extent to which such income is applied to such purpose in India…

Income Tax Officer(E)-2(3), Mumbai vs. Society of Congregation of Franciscan Brothers, Mumbai

ITA 5549/MUM/2017[2012-13]Status: DisposedITAT Mumbai30 Jan 2019AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm

For Appellant: Ms.Ruchi TamhankarFor Respondent: Shri Chaudhary Arum Kumar
Section 11Section 12ASection 32

…er of judgments, depreciation had been allowed as application of income u/s. 11. In this regard I find that the issue. Is directly covered in appellant's favour by the judgment of Hon'ble Bombay High Court in the case of CIT Vs. Institute of Banking Personnel 264 ITR 110 wherein the Hon'ble Court has observed as under: "4. Question No. 2 herein is identical to the question which was raised before the Bombay High Court in the case of Director of Income Tax (Exemption) V. Framjee Cawasjee Institute (1993) 109 CTR 463 (Born). In that case, the facts were as follows: The assessee was the Trust. It derived its income…

Income Tax Officer (E) 2(3), Mumbai vs. Society of Franciscan Brothers, Mumbai

ITA 5547/MUM/2017[2012-13]Status: DisposedITAT Mumbai30 Jan 2019AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm

For Appellant: Ms.Ruchi TamhankarFor Respondent: Shri Chaudhary Arum Kumar
Section 11Section 12ASection 32

…er of judgments, depreciation had been allowed as application of income u/s. 11. In this regard I find that the issue. Is directly covered in appellant's favour by the judgment of Hon'ble Bombay High Court in the case of CIT Vs. Institute of Banking Personnel 264 ITR 110 wherein the Hon'ble Court has observed as under: "4. Question No. 2 herein is identical to the question which was raised before the Bombay High Court in the case of Director of Income Tax (Exemption) V. Framjee Cawasjee Institute (1993) 109 CTR 463 (Born). In that case, the facts were as follows: The assessee was the Trust. It derived its income…

Income Tax Officer(E)-2(3), Mumbai vs. M/S.Shree Kanchi Mahaswami Chandrasekarendra Saraswati Peetarohana Shatabdi, Mumbai

ITA 5546/MUM/2017[2013-14]Status: DisposedITAT Mumbai30 Jan 2019AY 2013-14

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm

For Appellant: Shri Paresh ShapariaFor Respondent: Shri Chaudary Arum Kumar
Section 11Section 12ASection 143(2)Section 32

…er of judgments, depreciation had been allowed as application of income u/s. 11. In this regard I find that the issue. Is directly covered in appellant's favour by the judgment of Hon'ble Bombay High Court in the case of CIT Vs. Institute of Banking Personnel 264 ITR 110 wherein the Hon'ble Court has observed as under: "4. Question No. 2 herein is identical to the question which was raised before the Bombay High Court in the case of Director of Income Tax (Exemption) V. Framjee Cawasjee Institute (1993) 109 CTR 463 (Born). In that case, the facts were as follows: The assessee was the Trust. It derived its income…

Foundation for Indian Sporting Talent (Fist), Bangalore vs. Income Tax Officer (Exemptions), Ward-1, Bagalore

In the result, the appeals by the Revenue are dismissed and that of the Assessee are partly allowed

ITA 1711/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 Jan 2019AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri R.N. Siddappaji, Addl.CIT(DR)(ITAT), Bengaluru
Section 12ASection 143(3)Section 32Section 35(2)(iv)

…ter year. The above is the position of law as held in the case of CIT Vs. Maharana of Mewar Charitable Foundation 164 ITR 439 (Raj) and CIT Vs. Shri Plot Swetamber Murti Pujak Jain Mandal 211 ITR 293 (Guj.). In CIT Vs. Institute of Banking Personnel Selection 264 ITR 110 (Bom) it was held that in case of charitable trust whose income is exempt under s. 11, excess of expenditure in the earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and that depreciation is allowable on the assets the cost of which has been fully allowed as ap…

Foundation for Indian Sporting Talent (Fist), Bangalore vs. Deputy Director of Income Tax (Exemptions), Circle-17(1), Bangalore

In the result, the appeals by the Revenue are dismissed and that of the Assessee are partly allowed

ITA 1710/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 Jan 2019AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri R.N. Siddappaji, Addl.CIT(DR)(ITAT), Bengaluru
Section 12ASection 143(3)Section 32Section 35(2)(iv)

…ter year. The above is the position of law as held in the case of CIT Vs. Maharana of Mewar Charitable Foundation 164 ITR 439 (Raj) and CIT Vs. Shri Plot Swetamber Murti Pujak Jain Mandal 211 ITR 293 (Guj.). In CIT Vs. Institute of Banking Personnel Selection 264 ITR 110 (Bom) it was held that in case of charitable trust whose income is exempt under s. 11, excess of expenditure in the earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and that depreciation is allowable on the assets the cost of which has been fully allowed as ap…

Deputy Director of Income Tax (Exemptions), Circle-17(1), Bangalore vs. M/S. Foundation for Indian Sporting Talent (Ifst), Bangalore

In the result, the appeals by the Revenue are dismissed and that of the Assessee are partly allowed

ITA 1666/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 Jan 2019AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri R.N. Siddappaji, Addl.CIT(DR)(ITAT), Bengaluru
Section 12ASection 143(3)Section 32Section 35(2)(iv)

…ter year. The above is the position of law as held in the case of CIT Vs. Maharana of Mewar Charitable Foundation 164 ITR 439 (Raj) and CIT Vs. Shri Plot Swetamber Murti Pujak Jain Mandal 211 ITR 293 (Guj.). In CIT Vs. Institute of Banking Personnel Selection 264 ITR 110 (Bom) it was held that in case of charitable trust whose income is exempt under s. 11, excess of expenditure in the earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and that depreciation is allowable on the assets the cost of which has been fully allowed as ap…

Deputy Director of Income Tax (Exemtions), Circle-17(1), Bangaloe vs. M/S Foundation for Indian Sporting Talent (Fist), Bangalore

In the result, the appeals by the Revenue are dismissed and that of the Assessee are partly allowed

ITA 1665/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 Jan 2019AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri R.N. Siddappaji, Addl.CIT(DR)(ITAT), Bengaluru
Section 12ASection 143(3)Section 32Section 35(2)(iv)

…ter year. The above is the position of law as held in the case of CIT Vs. Maharana of Mewar Charitable Foundation 164 ITR 439 (Raj) and CIT Vs. Shri Plot Swetamber Murti Pujak Jain Mandal 211 ITR 293 (Guj.). In CIT Vs. Institute of Banking Personnel Selection 264 ITR 110 (Bom) it was held that in case of charitable trust whose income is exempt under s. 11, excess of expenditure in the earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and that depreciation is allowable on the assets the cost of which has been fully allowed as ap…

DCIT (E), New Delhi vs. M/S. Project Concern Intl., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 2678/DEL/2015[2011-12]Status: DisposedITAT Delhi16 Jan 2019AY 2011-12

Bench: Shri Amit Shukla & Shri O.P. Kantassessment Year: 2011-12

Section 11Section 12ASection 143(2)Section 143(3)Section 70

…ion, 164 ITR 439 (Raj) 1987. ii) CIT vs. Shri Plot Swetamaber Murti Pujak Jain Mandal, 211 ITR 293 (Guj) 1995. (iii) CIT vs. Matrisewa Trust, 242 ITR 20 (Mad) 2000 Govindu (iv) Naicker Estate vs. ADIT, 248 ITR 110 (Bom) 2003. (v) CIT vs. Institute of Banking, 264 ITR 110 (Bom) 2003. (vi) DIT vs. Raghuvanshi Charitable Trust, 197 Taxmann 170 (Delhi) 2011 (vii) CIT vs. Gujarat Samaj, 349 ITR 559 (MP) 2012 4.3 After considering all the facts and circumstances of the case, I am of the view that even though there is no merit in the submissions of the assessee as there is no specific provisions u/s 11, 12, 12A, 12AA &…

Deputy Commissioner of Income Tax(E), Circle-1, Bangalore vs. M/S Krupanidhi Educational Trust, Bangalore

In the result, the appeal filed by the revenue is dismissed

ITA 1683/BANG/2017[2012-13]Status: DisposedITAT Bangalore31 Dec 2018AY 2012-13

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumarassessment Year : 2012-13

For Appellant: Shri V. Narendra Sharma, AdvocateFor Respondent: Shri R.N. Siddappaji, Addl. CIT (DR)
Section 11Section 15Section 234Section 70

…& 1683/Bang/2017 Page 7 of 7 10. From the above para of this Tribunal order, it is seen in that case, the Tribunal has followed the judgement of Hon’ble Bombay High Court rendered in the case of CIT Vs. Institute of Banking Personnel Selection as reported in 264 ITR 110. In that case also, this was the dispute as to whether excess of expenditure / application can be allowed to be carried forward in the present year for set off in the future year and this issue was decided by Tribunal in favour of the assessee. In present case also, the dispute is similar and no difference in facts could be pointed out by ld. DR…

M/S. Krupanidhi Education Trust, Bangalore vs. Assistant Commissioner of Income Tax, (Exemptions), Circle-1, Bangalore

In the result, the appeal filed by the revenue is dismissed

ITA 1637/BANG/2017[2012-13]Status: DisposedITAT Bangalore31 Dec 2018AY 2012-13

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumarassessment Year : 2012-13

For Appellant: Shri V. Narendra Sharma, AdvocateFor Respondent: Shri R.N. Siddappaji, Addl. CIT (DR)
Section 11Section 15Section 234Section 70

…& 1683/Bang/2017 Page 7 of 7 10. From the above para of this Tribunal order, it is seen in that case, the Tribunal has followed the judgement of Hon’ble Bombay High Court rendered in the case of CIT Vs. Institute of Banking Personnel Selection as reported in 264 ITR 110. In that case also, this was the dispute as to whether excess of expenditure / application can be allowed to be carried forward in the present year for set off in the future year and this issue was decided by Tribunal in favour of the assessee. In present case also, the dispute is similar and no difference in facts could be pointed out by ld. DR…

M/S. K.S.D. Charitable Trust, Meerut vs. ACIT, Meerut

In the result, the appeal filed by Assessee is allowed

ITA 3033/DEL/2015[2010-11]Status: DisposedITAT Delhi13 Dec 2018AY 2010-11

Bench: Shri H.S. Sidhu & Shri L.P. Sahuassessment Year 2010-11 M/S Ksd Charitable Trust, Vs. Assistant Commissioner Of C/O Ganesh Cold, Income Tax, Circle-1, Storage, Meerut Railway Road, Meerut. (Pan: Aabtk2686H) (Appellant) (Respondent) Appellant By : Shri K. Sampath, Advocate Respondent By : Shri Sridhar Dora, Sr. Dr

For Appellant: Shri K. Sampath, AdvocateFor Respondent: Shri Sridhar Dora, Sr. DR
Section 11Section 143(3)Section 72

…rward. This issue according to me is no longer rest integra. I further find that the Tribunal in assessee’s own case for the AY 2005-06 (Supra) by following the judgment of the Hon’ble Bombay High Court in the case of CIT Vs. Institute of Banking (reported in 264 ITR 110 (Bom.) ) has decided the issue the similar in favour of the assessee. The relevant finding of the coordinate Bench order reads as follows:- “4. We have duly considered the rival contention and gone through the record carefully. Learned CIT(A) while permitting the assessee to claim set off against the brought forward losses has put reliance upon…

Deputy Commissioner of Income-Tax vs. Maharshi Karve Stree Shikshan Sanstha

In the result, both the appeals of assessee and Revenue are dismissed

ITA 1715/PUN/2016[2008-09]Status: HeardITAT Pune12 Dec 2018AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita No.1409/Pun/2016 यििाारण वषा / Assessment Year : 2008-09 Maharshi Karve Stree Shikshan Samstha Karvenagar, अऩीऱाथी/Appellant Pune – 411052 …. Pan: Aaatm1969L Vs. The Income Tax Officer, …. प्रत्यथी / Respondent Ward 11(1), Pune

For Appellant: Shri Nikhil PathakFor Respondent: Ms. Divya Bajpai, CIT
Section 10Section 11(1)(a)Section 11(4)Section 143(3)Section 147Section 148

…putation of deficit by the assessee. It was further held that excess application was permitted to be carried forward in the subsequent years in turn, relying on the decision of the Hon’ble Bombay High Court in CIT Vs. Institute of Banking Personnel Selection (264 ITR 110) (Bom), wherein it was held that the adjustment of expenses incurred for the trust for charitable purposes, in earlier years, against the income earned by trust in the subsequent year, will have to be regarded as an application of income for charitable purposes in the subsequent year, in which the adjustment was made. Similar view has also been t…