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TMI Blog2018 (6) TMI 685X X X X Extracts X X X X X X X X Extracts X X X X ..... 20) or 10(20A) etc. The factum that ''IDAs' would be covered or not, under Section 10(20), would make no difference for the reason, if these authorities satisfy requirement of Section 12A(1), then are entitled for registration after following procedure laid down under Section 12AA - the assessee was not indulging in trade commerce or business and hence amended provisions of section 2(15) were not applicable - decided in favor of assessee. Disallowance of office expenses - Held that:- assessee has claimed double deduction for one sum, it cannot be allowed at the outset, regardless of the fact that application of income, considering such disallowance, will be more than 85% - thus restore the addition made by the AO. Set off and carry f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i, Sr. DR Assessee By : Sh. Kapil Goel, Advocate ORDER Per R. S. Syal, VP These three appeals by the Revenue relate to assessment years 2009-10, 2010-11 2011-12. Since some of these issues raised in these appeals are common, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. ASSESSMENT YEAR- 2009-10 2. The first ground is against the view of the learned CIT(A) that the amended provisions of section 2(15) of the Income-tax Act, 1961 (hereinafter also called `the Act ) are not applicable to the assessee. Briefly stated facts of the case are that the assessee filed its return declaring Nil income, after claiming exemption under sections 11 and 12 of the Act. During ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee in question and held that the benefit of exemption under section 11 cannot be denied. In reaching this conclusion, the Tribunal considered the relevant judgments on the point and eventually held that the case is covered by the judgment of Hon'ble Jurisdictional High Court in the case of Yamuna Expressway Industrial Development Authority (supra). A copy of such order has been placed on record in which the relevant discussion has been made from pages 2 to 7 of the order. Since the facts and circumstances of the instant case are mutatis mutandis similar to those as considered and decided by the Hon'ble Jurisdictional High Court in the case of Yamuna Expressway Industrial Development Authority (supra) and the Tribunal in Morad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t order, did not allow the benefit of set off and carry forward of deficit of earlier years. The learned CIT(A), relying on certain decisions, directed the Assessing Officer to re-compute the income/loss after allowing necessary set off and carry forward. 7. Having heard both the sides and perused the relevant material on record, we find that this issue is no more res integra in view of several decisions discussed by the learned CIT(A) in the impugned order including the judgment of the Hon'ble Bombay High Court in CIT vs. Institute of Banking Personnel Selection 2003 264 110 (Bombay) in which it has been held that : `Income derived from the trust property has also got to be computed on commercial principles and if commercial princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this ground of appeal. 10. In the result, the appeal is dismissed. ASSESSMENT YEAR- 2011-12 11. Ground nos. 1 and 3 relating to allowing of exemption under section 11 and allowing set off and carry forward of deficit of earlier years, are similar to the preceding years. Following the view taken hereinabove, we dismiss these two grounds. 12. The only other ground which survives in this appeal is against the deletion of addition of ₹ 3,87,37,804/- made by the Assessing Officer on account of interest. Briefly stated the facts of this ground as recorded in para 10 of the assessment order are that in support of payment of interest to GDA, the assessee filed copies of vouchers from which it transpired that loan of ₹ 5 cror ..... X X X X Extracts X X X X X X X X Extracts X X X X
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