https://www.taxtmi.com/caselaws?id=185189 Excess application of income by a charitable trust in an earlier year, when adjusted against income of a later year, is treated as application of income in the later year under section 11(1)(a) of the Income-tax Act, 1961. The Tribunal applied binding precedent that charitable income must be computed on commercial principles, and that such deficit is not a business loss but expenditure applied for charitable purposes. On that basis, carry forward and adjustment of the deficit were held allowable, and the denial of such treatment was set aside in favour of the assessee. en-us Wed, 08 Jul 2015 00:00:00 +0530 Wed, 03 Aug 2016 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185189 Excess application of income by a charitable trust in an earlier year, when adjusted against income of a later year, is treated as application of income in the later year under section 11(1)(a) of the Income-tax Act, 1961. The Tribunal applied binding precedent that charitable income must be computed on commercial principles, and that such deficit is not a business loss but expenditure applied for charitable purposes. On that basis, carry forward and adjustment of the deficit were held allowable, and the denial of such treatment was set aside in favour of the assessee. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185189