https://www.taxtmi.com/caselaws?id=270604 The Appellate Tribunal ITAT Bangalore allowed the set off of carry forward losses for an assessee registered under section 12A of the Income-tax Act. The Tribunal held that losses from years prior to the immediately preceding assessment year could be adjusted against income of subsequent years, considering it as application of income for achieving religious and charitable purposes. The Tribunal dismissed the Revenue's appeal, affirming the eligibility of the assessee for the claim of carry forward losses. en-us Tue, 20 Oct 2015 00:00:00 +0530 Mon, 11 Jan 2016 11:03:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270604 The Appellate Tribunal ITAT Bangalore allowed the set off of carry forward losses for an assessee registered under section 12A of the Income-tax Act. The Tribunal held that losses from years prior to the immediately preceding assessment year could be adjusted against income of subsequent years, considering it as application of income for achieving religious and charitable purposes. The Tribunal dismissed the Revenue's appeal, affirming the eligibility of the assessee for the claim of carry forward losses. Case-Laws Income Tax Tue, 20 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270604