https://www.taxtmi.com/caselaws?id=270703 A charitable trust registered under section 12A may carry forward a deficit arising from excess application of income over receipts and adjust it against later-year income. The Tribunal treated such excess application as a deficit for the purposes of working out subsequent surplus, following coordinate bench views under the sections 11 and 12 exemption regime. It rejected the objection that charitable-status exemptions prevent carry forward merely because the shortfall arose in a year of application exceeding receipts. The assessee was accordingly entitled to carry forward the deficit and the Assessing Officer was directed to allow the adjustment. en-us Wed, 18 Nov 2015 00:00:00 +0530 Tue, 12 Jan 2016 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270703 A charitable trust registered under section 12A may carry forward a deficit arising from excess application of income over receipts and adjust it against later-year income. The Tribunal treated such excess application as a deficit for the purposes of working out subsequent surplus, following coordinate bench views under the sections 11 and 12 exemption regime. It rejected the objection that charitable-status exemptions prevent carry forward merely because the shortfall arose in a year of application exceeding receipts. The assessee was accordingly entitled to carry forward the deficit and the Assessing Officer was directed to allow the adjustment. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270703