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TMI Blog2015 (1) TMI 1438X X X X Extracts X X X X X X X X Extracts X X X X ..... come and expenditure account and hence no occasion arises when a deficit can be computed while allowing claim of application of income by way of capital expenditure as deduction? - HELD THAT:- Although the issue stands covered by the decision of this court in Institution of Banking Personnel Selection [ 2003 (7) TMI 52 - BOMBAY HIGH COURT ] the fact is that revenue is aggrieved by it, however, Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in law, the Tribunal was right in law, in allowing the claim of the assessee for carry forward and set off of deficit of earlier years ignoring the fact that no provisions as such exist in the I.T. Act, 1961? (2) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in law, in accepting the claim of brought forward of deficits of earlier years and dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of this court in Institution of Banking Personnel Selection (supra), the fact is that revenue is aggrieved by it, however, Revenue did not challenge it in the higher forum in view of low tax effect. Be that as it may, no fault can be found with the order of the tribunal giving rise to the substantial question of law as it merely followed the decision of this court in Institution of Banking (sup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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