https://www.taxtmi.com/caselaws?id=372056 For a charitable trust, income is computed on commercial principles under section 11, so excess application of income or expenditure in an earlier year is treated as application of income and may be adjusted against income of later years. Applying its own coordinate-bench precedent and the cited Supreme Court ruling, the ITAT Delhi held that the carry forward of the excess application and its set-off in subsequent years was permissible. The lower authorities' contrary view was set aside, and the assessee was allowed the benefit of future adjustment of the loss arising from excess application of income. en-us Thu, 13 Dec 2018 00:00:00 +0530 Sat, 15 Dec 2018 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372056 For a charitable trust, income is computed on commercial principles under section 11, so excess application of income or expenditure in an earlier year is treated as application of income and may be adjusted against income of later years. Applying its own coordinate-bench precedent and the cited Supreme Court ruling, the ITAT Delhi held that the carry forward of the excess application and its set-off in subsequent years was permissible. The lower authorities' contrary view was set aside, and the assessee was allowed the benefit of future adjustment of the loss arising from excess application of income. Case-Laws Income Tax Thu, 13 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372056