https://www.taxtmi.com/caselaws?id=269303 The Tribunal upheld the decision allowing a trust to carry forward deficits from previous years for setting off against income in subsequent years. The Tribunal emphasized that expenditure for charitable purposes can be adjusted against income of later years, ensuring that income applied for charitable purposes remains untaxed. The decision highlights that trusts can apply excess expenditure against income in later years, supporting the objective of incurring expenses for charitable purposes. The Tribunal dismissed the Revenue's appeal, affirming the practice of carrying forward deficits for charitable activities in accordance with the Income Tax Act. en-us Fri, 20 Feb 2015 00:00:00 +0530 Sat, 12 Dec 2015 13:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269303 The Tribunal upheld the decision allowing a trust to carry forward deficits from previous years for setting off against income in subsequent years. The Tribunal emphasized that expenditure for charitable purposes can be adjusted against income of later years, ensuring that income applied for charitable purposes remains untaxed. The decision highlights that trusts can apply excess expenditure against income in later years, supporting the objective of incurring expenses for charitable purposes. The Tribunal dismissed the Revenue's appeal, affirming the practice of carrying forward deficits for charitable activities in accordance with the Income Tax Act. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269303