https://www.taxtmi.com/caselaws?id=294334 The Tribunal upheld the CIT (A)'s decision to allow the set-off of excess application/deficit of earlier years against the income of subsequent years for charitable trusts/institutions. The Tribunal considered the commercial principles for computing income of charitable trusts, allowing adjustment of expenses from earlier years against income in subsequent years. Citing precedents from Karnataka High Court and Bombay High Court, the Tribunal dismissed the revenue's appeal, affirming the CIT (A)'s order and permitting the carry forward and set-off of excess application/deficit. en-us Wed, 24 Jul 2019 00:00:00 +0530 Wed, 07 Apr 2021 09:14:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294334 The Tribunal upheld the CIT (A)'s decision to allow the set-off of excess application/deficit of earlier years against the income of subsequent years for charitable trusts/institutions. The Tribunal considered the commercial principles for computing income of charitable trusts, allowing adjustment of expenses from earlier years against income in subsequent years. Citing precedents from Karnataka High Court and Bombay High Court, the Tribunal dismissed the revenue's appeal, affirming the CIT (A)'s order and permitting the carry forward and set-off of excess application/deficit. Case-Laws Income Tax Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294334