Itxa/2315/2011 Of The Director Of Income Tax ( Exemption) v. Maharashtra State Road Transport Corporation (Msrtc)

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2315 OF 2011 The Director of Income Tax (Exemptions)..Appellant.V/s.Maharashtra State Road TransportCorporation (MSRTC)..Respondent. Mr. Suresh Kumar, for the Appellant.None for the Respondent. P.C:- CORAM: J.P.DEVADHAR & M.S.SANKLECHA,JJ.DATE : 27[th] FEBRUARY, 2013. In this Appeal for the Assessment Year 2004-05 by the Revenue, following question has been raised for our consideration:- Whether on the facts and in the circumstance of the case and in law and on interpretation of the provision of Section 11 of the Income Tax Act, whether the Assessee is entitled to carry forward the deficits Rs.1796654011/- to subsequent year for being set off against the surplus if any, in the subsequent years? 2We find that the Tribunal by its impugned order has allowed the claim of the Respondent-Assessee by following decision of this Court in the matter of CIT v/s. Institute of Banking reported in 264 ITR page 110. In view of the above, we see no reason to entertain proposed question of law. 3 Accordingly, appeal is dismissed with no order as to costs. (M.S.SANKLECHA,J.) (J.P.DEVADHAR,J.)