https://www.taxtmi.com/caselaws?id=278544 A charitable trust registered under section 12A may carry forward a deficit and set it off against income of later years while computing income under section 11 when binding jurisdictional precedent supports that treatment. The Tribunal applied High Court authority recognising excess expenditure or deficit as allowable for carry forward in charitable institutions, and treated the Department's separate challenge in another matter as irrelevant while the precedent remained operative. It also followed its own prior decision in the same assessee's case for the preceding year. The assessee was therefore entitled to the claimed set-off in subsequent years. en-us Thu, 31 Aug 2017 00:00:00 +0530 Tue, 12 Feb 2019 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278544 A charitable trust registered under section 12A may carry forward a deficit and set it off against income of later years while computing income under section 11 when binding jurisdictional precedent supports that treatment. The Tribunal applied High Court authority recognising excess expenditure or deficit as allowable for carry forward in charitable institutions, and treated the Department's separate challenge in another matter as irrelevant while the precedent remained operative. It also followed its own prior decision in the same assessee's case for the preceding year. The assessee was therefore entitled to the claimed set-off in subsequent years. Case-Laws Income Tax Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278544