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ITAT Delhi Allows Set-Off of Accumulated Deficit Against Current Year Surplus
Case Law Details
- Case Name
- Vidya Vihar Nyas Samiti Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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) ha...
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