https://www.taxtmi.com/caselaws?id=402810 The Tribunal upheld the CIT(A)'s decision to allow the carry forward of deficit by the assessee, dismissing the revenue's appeal. It was held that the carry forward of deficits for charitable trusts is permissible under the Income Tax Act, 1961, based on judicial precedents and commercial principles of accounting. The order was pronounced on 12th January, 2021. en-us Mon, 28 Dec 2020 00:00:00 +0530 Wed, 13 Jan 2021 11:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402810 The Tribunal upheld the CIT(A)'s decision to allow the carry forward of deficit by the assessee, dismissing the revenue's appeal. It was held that the carry forward of deficits for charitable trusts is permissible under the Income Tax Act, 1961, based on judicial precedents and commercial principles of accounting. The order was pronounced on 12th January, 2021. Case-Laws Income Tax Mon, 28 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402810