https://www.taxtmi.com/caselaws?id=77480 The HC held that when a charitable trust adjusts expenses incurred in an earlier year against income earned in a subsequent year, that adjustment constitutes application of the trust's income for charitable or religious purposes in the subsequent year and must be excluded from income under s.11(1)(a). Accordingly, the trust may carry forward and set off the prior-year deficit/loss by way of such adjustment, and the adjusted amount is not taxable as income of the trust. en-us Tue, 27 Jul 2010 00:00:00 +0530 Tue, 18 Nov 2025 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77480 The HC held that when a charitable trust adjusts expenses incurred in an earlier year against income earned in a subsequent year, that adjustment constitutes application of the trust's income for charitable or religious purposes in the subsequent year and must be excluded from income under s.11(1)(a). Accordingly, the trust may carry forward and set off the prior-year deficit/loss by way of such adjustment, and the adjusted amount is not taxable as income of the trust. Case-Laws Income Tax Tue, 27 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77480