claim of carry
forward of current year's loss and set-off of excess deficit
pertaining to earlier years without appreciating the fact that ... claim of carry
forward of current year's loss and set off of excess deficit
pertaining to earlier years without appreciating the fact that
claim of carry forward of current year's loss and set-ff of excess deficit
pertaining to earlier years without appreciating the fact that ... claim of
carry forward of current year's loss and set off of excess deficit
pertaining to earlier years without appreciating the fact that
forward of deficit of Rs. 9,91,758/-. The
deficit has been computed as under:
Total income as per income & Expenditure account ... held that
the assessee trust can be allowed to carry forward deficit of current year
and to set off the same against the income
deleting the addition of Rs. 1,09,75,693/- made on account of bank interest
ITA No.3911/Del/2016 AY 2013-14
India Habitat ... income/expenditure/surplus/deficit etc., as per the Income
& Expenditure Account/Receipts & Payments Account of the assessee for
current assessment year were
claim of carry
forward of current year's loss and set-off of excess deficit
pertaining to earlier years without appreciating the fact that ... claim of carry
forward of current year's loss and set-off of excess deficit
pertaining to earlier years without appreciating the fact that
Revenue Account), Form I (Valuation Balance sheet) along with the other
attendant statements, the results would have been same as per the approach
currently followed ... taxation has undergone complete change with
the current provisions providing for actuarial valuation of the surplus /deficit.
It is to be noted that prior
return for the year under appeal on 28th August, 1982 declaring a deficit of Rs. 34,167. The Income-tax Officer during the course ... accumulation of part of the income under Section 11(2) for the current year. The assessment was framed on 23-3-1985. This was challenged
year's surplus, if any, and such adjustment of loss/deficit of
current year against income / surplus of subsequent year would amount to
application ... justified in
allowing carried forward and set off of current year's losses against the subsequent
year's surplus. The Assessing Officer
order dated 16.10.2008. The AO noted that assessee has claimed
expenditure on account of depreciation of Rs. 1,05,12,224/- for the
assessment year ... deficit/excess expenditure of earlier assessment
years and accordingly, he disallowed the set off of loss of earlier deficit
with current year income.
3. Before
balance to 'share premium
account'. As per clause 6.1.3 of the scheme of arrangements, excess or deficit
shall be credited to General Reserve ... scheme sanctioned by the Hon'ble HC, the 'current assets' worth Rs.
7,22,363 thousand are allowed to be transferred
