https://www.taxtmi.com/caselaws?id=374901 Income of a charitable or religious trust is to be computed on commercial principles, so a deficit may be carried forward to later years and sections 70 to 80 of the Income-tax Act do not bar that treatment in the same manner as ordinary business losses. Depreciation on capital assets is also allowable for determining the trust's real income, and is not rejected as an impermissible double deduction on the facts considered. The stated principle is that charitable income must reflect real income consistently with the exemption scheme, and the propositions were applied in favour of the assessee. en-us Mon, 14 Jan 2019 00:00:00 +0530 Mon, 11 Feb 2019 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374901 Income of a charitable or religious trust is to be computed on commercial principles, so a deficit may be carried forward to later years and sections 70 to 80 of the Income-tax Act do not bar that treatment in the same manner as ordinary business losses. Depreciation on capital assets is also allowable for determining the trust's real income, and is not rejected as an impermissible double deduction on the facts considered. The stated principle is that charitable income must reflect real income consistently with the exemption scheme, and the propositions were applied in favour of the assessee. Case-Laws Income Tax Mon, 14 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374901