https://www.taxtmi.com/caselaws?id=268461 The Tribunal allowed the carry forward of the excess application of income by a charitable institution to be set off against future income from property held under trust. The decision overturned the rulings of the AO and CIT(A), emphasizing that the income of charitable trusts should be computed on commercial principles, allowing for adjustments of excess expenditure against income in subsequent years. The Tribunal held that any excess application of income in a year can be considered as application in future years, directing the AO to permit the carry forward for the year in question. en-us Thu, 24 Sep 2015 00:00:00 +0530 Mon, 02 Nov 2015 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268461 The Tribunal allowed the carry forward of the excess application of income by a charitable institution to be set off against future income from property held under trust. The decision overturned the rulings of the AO and CIT(A), emphasizing that the income of charitable trusts should be computed on commercial principles, allowing for adjustments of excess expenditure against income in subsequent years. The Tribunal held that any excess application of income in a year can be considered as application in future years, directing the AO to permit the carry forward for the year in question. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268461