ITO, WD-1(3), KOLKATA, KOLKATA vs. THE YOUNG MENS CHRITIAN ASSOICATION OF CALCUTTA, KOLKATA
In the result, Revenue’s appeal stands dismissed
ITA 1244/KOL/2016[2010-2011]Status: DisposedITAT Kolkata28 Feb 2018AY 2010-2011
Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2010-11 Income Tax Officer (E) V/S. The Young Mens Ward-1(3), 6Th Floor, Chritian Association Of 10B, Middleton Row, Calcutta, 25, Jawarharlal Kolkata-71 Nehru Road, Kolkata-67 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri S. Dasgupta, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri A.K. Tibrewal, Fca ""यथ" क" ओर से/By Respondent 24-01-2018 सुनवाई क" तार"ख/Date Of Hearing 28-02-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-25, Kolkata Dated 21.03.2016. Assessment Was Framed By Dcit(Ex)-I,, Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 25.03.2013 For Assessment Year 2010-11. The Revenue Has Raised Following Grounds:- “1. That On The Facts & Circumstances Of The Case The Ld. Cit(A) Has Erred In Allowing Set Off Of Brought Forward Deficits Of Income & Expenditure Accounts Of Earlier Years With The Surplus Of The Current Year Beyond The Scope & Ambit Of Section 11 Of The Income Tax Act, 1961. 2. That On The Facts & Circumstances Of The Case The Ld. Cit(A) Has Erred In Appreciating The Essence Of Section 11(2) Of The Income Tax Act, 1961 By Virtue Of Which Fifteen Per Cent Of The Surplus Can Be Set Apart Or Invested As Per Provisions Of Section 11(5), But No Set-Off Of Earlier Deficit Is Allowed To Be Set-Off From Future Surplus & The
Section 11Section 11(1)(a)Section 11(2)Section 11(5)Section 12ASection 143(3)
section 11(1A) of the Income Tax Act,
1961. 4. That on the facts and circumstances of the case the Ld. CIT(A) has failed to appreciate the clarification of CBDT in this regard in Circular
No.100 dated 24.01.1973 [F.No.195/1/72-IT(A-1)] in which the mentioned set-off of debt or loan is not related to the present case
