https://www.taxtmi.com/caselaws?id=26089 HC held that a trust may set off a deficit from excess expenditure in one year against surplus income in a subsequent year by treating the later-year adjustment as application of income for charitable/religious purposes. The court rejected a construction that would create an anomaly between repayment of loans and reimbursement from corpus, and found no evidence the expenditure was non-charitable. The Tribunal was therefore correct to allow exclusion of Rs.59,770 from the 1971-72 taxable income under section 11(1)(a). Decision for the assessee, against the Revenue. en-us Tue, 22 Jul 1986 00:00:00 +0530 Wed, 29 Oct 2025 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26089 HC held that a trust may set off a deficit from excess expenditure in one year against surplus income in a subsequent year by treating the later-year adjustment as application of income for charitable/religious purposes. The court rejected a construction that would create an anomaly between repayment of loans and reimbursement from corpus, and found no evidence the expenditure was non-charitable. The Tribunal was therefore correct to allow exclusion of Rs.59,770 from the 1971-72 taxable income under section 11(1)(a). Decision for the assessee, against the Revenue. Case-Laws Income Tax Tue, 22 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26089