| |
| The Tax Publishers2022 TaxPub(DT) 0259 (Mum-Trib) INCOME TAX ACT, 1961
Section 11
Excess expenditure incurred by charitable institution in the earlier years could be allowed to be set-off against surplus of subsequent years.
|
Charitable trust - Exemption under section 11 - Excess expenditure incurred by charitable trust in earlier years -
Assessee-trust carried forward the loss from earlier years and claimed the same against the surplus for the year under consideration, however, according to AO carry forward of losses and setting off against the subsequent years could not be allowed. Held: Excess expenditure incurred by charitable institution in the earlier years could be allowed to be set-off against surplus of subsequent years.
Followed:CIT v. Institute of Banking Personnel Selection (IBPS) (2003) 131 Taxman 386 (Bom-HC) : (2003) 264 ITR 110 (Bom) : 2003 TaxPub(DT) 1343 (Bom-HC) and CIT(Exemption) v. Subros Educational Society (2018) 96 Taxmann.com 652 (SC) : 2018 TaxPub(DT) 3810 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12 to 2014-15
INCOME TAX ACT, 1961
Section 153A
 SUBSCRIBE FOR FULL CONTENT
|