https://www.taxtmi.com/caselaws?id=121900 The Tribunal allowed the revenue's appeal and dismissed the assessee's cross appeal. It held that there is no provision under Section 11 of the Income-tax Act, 1961, permitting the carry forward and set off of excess expenditure from earlier years against the surplus in the assessment year 2004-05. The Tribunal emphasized that income for charitable or religious purposes must be applied within the year it is earned or accumulated as per statutory limits, and does not follow business income principles allowing for loss carry forward. The order of the CIT (Appeals) was set aside, reinstating the Assessing Officer's decision. en-us Fri, 18 Jul 2008 00:00:00 +0530 Fri, 01 Dec 2023 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121900 The Tribunal allowed the revenue's appeal and dismissed the assessee's cross appeal. It held that there is no provision under Section 11 of the Income-tax Act, 1961, permitting the carry forward and set off of excess expenditure from earlier years against the surplus in the assessment year 2004-05. The Tribunal emphasized that income for charitable or religious purposes must be applied within the year it is earned or accumulated as per statutory limits, and does not follow business income principles allowing for loss carry forward. The order of the CIT (Appeals) was set aside, reinstating the Assessing Officer's decision. Case-Laws Income Tax Fri, 18 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121900