THE COMMISSIONER OF INCOME TAX EXEMPTIONS CHANDIGARH vs. MUKAND LAL COLLEGE SOCIETY

Appeal is dismissed being devoid of any merit

Bench: MS. JUSTICE RITU BAHRI,MRS. JUSTICE MANISHA BATRA

Section 12-A of the Income Tax Act, 1961 for the assessment year 2010-11. The main dispute was whether the losses carried out in the previous year could be set off in the income of the next assessment year. The appeal of the assessee was allowed by referring to the judgment passed in ITA-6-2012 titled as Commissioner