https://www.taxtmi.com/caselaws?id=328424 The High Court held that Section 11 (1) (a) of the Income Tax Act does not prohibit the set off of deficit from the previous financial year against the surplus of the current financial year for charitable trusts. The Court upheld the Tribunal's order allowing the set off, citing a CBDT circular permitting trusts to repay loans for charitable purposes from subsequent year's income. The appeal was dismissed, with the Court finding no substantial question of law warranting intervention. Miscellaneous petitions were also dismissed, and no costs were awarded. en-us Thu, 12 Nov 2015 00:00:00 +0530 Fri, 03 Jun 2016 12:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328424 The High Court held that Section 11 (1) (a) of the Income Tax Act does not prohibit the set off of deficit from the previous financial year against the surplus of the current financial year for charitable trusts. The Court upheld the Tribunal's order allowing the set off, citing a CBDT circular permitting trusts to repay loans for charitable purposes from subsequent year's income. The appeal was dismissed, with the Court finding no substantial question of law warranting intervention. Miscellaneous petitions were also dismissed, and no costs were awarded. Case-Laws Income Tax Thu, 12 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328424