https://www.taxtmi.com/caselaws?id=393477 The Tribunal upheld the trust's right to carry forward excess expenditure for setting off against income of succeeding years, emphasizing that such adjustment constitutes application of income for charitable purposes. Relying on legal precedents, the Tribunal concluded that as long as the expenditure is on charitable purposes, it can be adjusted against income of subsequent years without being considered loss set off against profit, particularly for religious or charitable trusts. The Tribunal dismissed the Revenue's appeals, affirming the trust's entitlement to set off excess expenditure against income of succeeding years for charitable objectives. en-us Wed, 29 Jan 2020 00:00:00 +0530 Tue, 17 Mar 2020 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393477 The Tribunal upheld the trust's right to carry forward excess expenditure for setting off against income of succeeding years, emphasizing that such adjustment constitutes application of income for charitable purposes. Relying on legal precedents, the Tribunal concluded that as long as the expenditure is on charitable purposes, it can be adjusted against income of subsequent years without being considered loss set off against profit, particularly for religious or charitable trusts. The Tribunal dismissed the Revenue's appeals, affirming the trust's entitlement to set off excess expenditure against income of succeeding years for charitable objectives. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393477