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TMI Blog2022 (1) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... enue was dismissed. [ 2018 (4) TMI 1622 - SC ORDER] . Also with effect from 1-4-2022 explanation (2) is inserted after explanation 1 u/s 10(23C) of the by the Finance Act, 2021, which provides that Explanation 2.-For the purposes of this clause, it is clarified that the calculation of income required to be applied or accumulated during the previous year shall be made without any set off or deduction or allowance of any excess application of any of the year preceding to the previous year. However Notes on clauses to Finance Bill 2021 says that These amendments will take effect from 1st April, 2022 and will, accordingly, apply in relation to the assessment year 2022-2023 and subsequent assessment years. Therefore it does not apply for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t years under deficit of ₹ 3,93,86,346/-. The Assessing Officer rejected the claim holding that the provision 11 of the Act does not permit the determination of deposit. 04. Aggrieved by that order assessee preferred the appeal before the learned CIT(A) , who allowed the claim of the assessee following the decision of the Hon ble Jurisdictional High Court in the case of DIT(Exemption) vs. MIDE in ITA No. 2652 of 2011 dated 20.03.2013, wherein following the decision of CIT vs. Institute of Banking Personnel Selection (2003) 264 ITR 110 (Bom), the claim of the assessee was allowed. The learned CIT(A) also noted that Hon ble Supreme Court in the case of CIT(E) Vs. Subros Educational Society in Misc. Appeal No. 941 of 2018 in Civil App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reme Court in the case of CIT(E) vs. Subros Educational Society in Misc. Appeal No. 941 of 2018 in Civil Appeal No.5171 of 2016 wherein the Misc. Application filed by the department stands dismissed. In view of such facts and circumstances of the case and in view of the decisions of Hon ble Jurisdictional High Court and the Hon ble Apex Court, the action of the Assessing Officer in not allowing carry forward of deficit of earlier years (and set off thereof) as also not allowing loss of current year be carried forward for adjustment in subsequent years is not found justifiable. Accordingly, this ground of appeal no.2 of the assessee is also allowed but the Assessing Officer is directed to adopt the correct figures before they are allowed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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