ITAT Delhi Allows Set-Off of Accumulated Deficit Against Current Year Surplus

Vidya Vihar Nyas Samiti Vs ITO (ITAT Delhi) In a recent ruling ITAT Delhi relied upon the binding precedent of the Hon’ble Supreme Court of India in the case of CIT vs. Subros Educational Society, (2018) 96 taxmann.com 652 (SC) in deciding that the set off of accumulated deficit is allowable. Assessee filed its return declaring NIL income. Assessment was completed at Rs. 1,03,44,990/-. AO the disallowed set off of accumulated deficit of Rs. 5,66,68,630/- as on 01.04.2015. CIT (A) partly allowed the appeal. Before ITAT it was submitted on behalf of the assessee that CIT(A) has erred in law in...