https://www.taxtmi.com/caselaws?id=191773 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to permit the carry forward of the excess expenditure of Rs. 72,04,418 for future set off against income from property held under trust. The Tribunal emphasized that Section 11(1)(a) of the Income Tax Act does not restrict the application of income to the year it arises, citing judicial precedents from the High Courts of Bombay and Gujarat. This decision overturned the rulings of the lower authorities and was pronounced on 29.12.2015. en-us Tue, 29 Dec 2015 00:00:00 +0530 Fri, 21 Apr 2017 10:07:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191773 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to permit the carry forward of the excess expenditure of Rs. 72,04,418 for future set off against income from property held under trust. The Tribunal emphasized that Section 11(1)(a) of the Income Tax Act does not restrict the application of income to the year it arises, citing judicial precedents from the High Courts of Bombay and Gujarat. This decision overturned the rulings of the lower authorities and was pronounced on 29.12.2015. Case-Laws Income Tax Tue, 29 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191773