https://www.taxtmi.com/highlights?id=55868 Exemption u/s 11 - Denial of carry forward of the deficit of excess of expenditure over income - there is no bar in law and there is no specific provision in the Act which says that deduction of 15% for accumulation will not be allowed in case of deficit to such 15% accumulation is allowable irrespective of whether 15% of income have been applied or not. - AT en-us Sat, 12 Dec 2020 18:01:27 +0530 Sat, 12 Dec 2020 18:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55868 Exemption u/s 11 - Denial of carry forward of the deficit of excess of expenditure over income - there is no bar in law and there is no specific provision in the Act which says that deduction of 15% for accumulation will not be allowed in case of deficit to such 15% accumulation is allowable irrespective of whether 15% of income have been applied or not. - AT Highlights Income Tax Sat, 12 Dec 2020 18:01:27 +0530 https://www.taxtmi.com/highlights?id=55868