2016 (7) TMI 1561

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..... Revenue against the order dated 27.04.2015 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2009-10. 2. The brief facts of the case are that the assessee is a charitable trust registered under section 12A of the Income-tax Act, 1961. During the previous year relevant to the assessment year under consideration, the assessee invested .....

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..... on account of excess expenditure/application of income. 4. The Ld. A.R., at the outset, has stated at bar that the issue is squarely covered in favour of the assessee by the earlier decision of the Tribunal in the own case of the assessee dated 30.07.15 for A.Y. 2010-11 and A.Y. 2011-12. Both the issues came under consideration before the Tribunal and the Tribunal while relying upon various dec .....

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..... igh Court has, while relying upon the decision in the case of "Institute of Banking Personnel Selection" (supra) has held that the assessee is entitled to claim carry forward losses/deficit on account of excess expenditure/application of income in earlier years. We further find that the Tribunal has also discussed in the own case of assessee, the effect of the amendment brought vide Finance (No.2) .....

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