https://www.taxtmi.com/caselaws?id=370603 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) that a religious trust is entitled to set off excess expenditure of earlier years against the income of subsequent years as application of income under section 11 of the Income Tax Act, 1961. The Tribunal emphasized that such set off is permissible and consistent with the commercial principles governing trust income computation. The revenue's appeal was dismissed, affirming the trust's right to carry forward and set off excess expenditure, with the order pronounced on 16/11/2018 at Surat. en-us Fri, 16 Nov 2018 00:00:00 +0530 Mon, 19 Nov 2018 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370603 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) that a religious trust is entitled to set off excess expenditure of earlier years against the income of subsequent years as application of income under section 11 of the Income Tax Act, 1961. The Tribunal emphasized that such set off is permissible and consistent with the commercial principles governing trust income computation. The revenue's appeal was dismissed, affirming the trust's right to carry forward and set off excess expenditure, with the order pronounced on 16/11/2018 at Surat. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370603