https://www.taxtmi.com/caselaws?id=399264 The Tribunal allowed the Assessee's appeal, ruling that reducing the deficit by 15% of income for carry forward and set off was contrary to law. The decision emphasized that penalizing the Assessee for excess charitable spending by limiting the deficit eligible for carry forward was unjust. The Tribunal held that the Assessee should be entitled to the entire deficit without reduction, based on the statutory provisions under s.11 of the Income Tax Act, 1961. en-us Wed, 19 Aug 2020 00:00:00 +0530 Tue, 06 Oct 2020 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399264 The Tribunal allowed the Assessee's appeal, ruling that reducing the deficit by 15% of income for carry forward and set off was contrary to law. The decision emphasized that penalizing the Assessee for excess charitable spending by limiting the deficit eligible for carry forward was unjust. The Tribunal held that the Assessee should be entitled to the entire deficit without reduction, based on the statutory provisions under s.11 of the Income Tax Act, 1961. Case-Laws Income Tax Wed, 19 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399264