https://www.taxtmi.com/caselaws?id=386141 The Tribunal upheld the CIT(A)'s findings, dismissing the Revenue's appeal. It was determined that the trust's activities aligned with charitable objectives, allowing the exemption under Section 11(1)(a). The set-off of brought forward losses against the current year's surplus was permitted, contrary to the AO's disallowance. Additionally, depreciation on assets was deemed valid, rejecting the AO's argument for disallowance. The Tribunal found the trust eligible for claimed exemptions and deductions, affirming the CIT(A)'s decision in favor of the trust. en-us Fri, 20 Sep 2019 00:00:00 +0530 Sat, 21 Sep 2019 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386141 The Tribunal upheld the CIT(A)'s findings, dismissing the Revenue's appeal. It was determined that the trust's activities aligned with charitable objectives, allowing the exemption under Section 11(1)(a). The set-off of brought forward losses against the current year's surplus was permitted, contrary to the AO's disallowance. Additionally, depreciation on assets was deemed valid, rejecting the AO's argument for disallowance. The Tribunal found the trust eligible for claimed exemptions and deductions, affirming the CIT(A)'s decision in favor of the trust. Case-Laws Income Tax Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386141