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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 ..... arma, DR ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Dy. Commissioner of Income Tax (Exemption) 2(1), Mumbai against the order passed by the Commissioner of Income Tax (Appeals)-1, Mumbai [in short 'the CIT(A)'] on 19.08.2020, wherein the appeal filed by the assessee against the assessment order passed under section 143(3) of the Income-Tax Act, 1961 (hereafter referred as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed the orders of the lower authorities. Vide Para No. 7.3.1 the learned CIT(A) has allowed the deficit to the assessee to be carried forward following the decision of the Hon'ble Jurisdictional High Court. He also supported such decision by the decision of Hon'ble Supreme Court wherein the Special SLP filed by the Revenue was dismissed. The learned CIT(A) has dealt with the whole issue as under:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 022-2023 and subsequent assessment years. Therfore it does not apply for the impugned assessment year. 010. No infirmity was pointed out by the learned Departmental Representative in the order of the learned Commissioner of Income Tax (Appeals). We also do not find any infirmity in his order and therefore the same is upheld. Solitary ground of appeal of the learned Assessing Officer is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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