Case Law Details
OTC Exchange of India Vs Asst. Director of Income Tax (Exemption) (ITAT Mumbai)
Excess expenditure in earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and therefore, AO was directed to allow the claim of assessee.
FULL TEXT OF THE ITAT JUDGMENT
1. These three appeals are filed by the assessee against the order of the Ld.CIT(A) -1, Mumbai for the Assessment Year 2010-11 to 2012-13.
2. The appeals for the Assessment Year 2010-11 and 2011-12 are filed against the orders of the Ld.CIT(A)-1, Mumbai dated 14.09.2016 passed u/s. 154 of the Act rejecting the application filed by the assessee for rectification of the orders dated 20.01.2016 and 21.01.2016 passed for A.Y. 2010-11 & 2011-12 respectively in denying exemption u/s. 11 of the Act. The Learned Counsel for the assessee submitted that the assessee preferred appeals against the orders passed by Ld.CIT(A) dated 20.01.2016 and 21.01.2016 for A.Y. 2010-11 and 2011-12 denying exemption u/s. 11 of the Act and the Tribunal passed order in ITA.Nos. 2625 & 2626/MUM/2016 dated 28.07.2017 allowing the claim for exemption u/s. 11 of the Act to the assessee. Ld. Counsel submitted that in view of Tribunal’s Order allowing exemption u/s.11 of the Act the appeals filed by the assessee against the order passed by the Ld.CIT(A) in rejecting the petitions filed u/s. 154 of the Act becomes infructuous and therefore it is submitted that the appeals may be dismissed as infructuous.
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