JUDGMENT :

R. K. Abichandani, J.

The assessee, Gujarat State Co-operative Union, Ahmedabad, in its return for the assessment years 1972-73 to 1975-76, claimed before the Income-tax Officer that the surplus realised by it should be set off against the past losses which were determined and ascertained. The application was made under section 154 of the Income-tax Act, 1961 (hereinafter referred to as the said "Act"), after the original assessments were concluded. The assessee-Co-operative Union also claimed that the activities carried on by it were covered by the provisions of section 10(22) of the Act as it was an educational institution existing solely for educational purposes and was, therefore, entitled to exemption from tax for the assessment years 1972-73 to 1977-78. The Income-tax Officer rejected the contention of the assessee on both the counts. The assessee, therefore, appealed to the Commissioner of Income-tax (Appeals) for some years and to the Appellate Assistant Commissioner for other years and these appeals were allowed on both the counts. The appellate authorities held that the assessee was entitled to carry forward and set off of past losses and further it was also enti