https://www.taxtmi.com/caselaws?id=419042 The appeal was decided in favor of the assessee, a public charitable trust, as the Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to allow the carry forward of deficit under section 11(1)(a) of the Income Tax Act, 1961. Despite a Review Petition filed by the Revenue, the Tribunal followed the Supreme Court's dismissal of the petition and allowed the deficit carry forward, emphasizing that section 11(1)(a) does not impose specific conditions based on expenditure exceeding gross receipts. The main issue of deficit carry forward from excess expenditure over receipts to subsequent years was resolved in favor of the assessee. en-us Mon, 28 Feb 2022 00:00:00 +0530 Wed, 02 Mar 2022 08:35:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419042 The appeal was decided in favor of the assessee, a public charitable trust, as the Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to allow the carry forward of deficit under section 11(1)(a) of the Income Tax Act, 1961. Despite a Review Petition filed by the Revenue, the Tribunal followed the Supreme Court's dismissal of the petition and allowed the deficit carry forward, emphasizing that section 11(1)(a) does not impose specific conditions based on expenditure exceeding gross receipts. The main issue of deficit carry forward from excess expenditure over receipts to subsequent years was resolved in favor of the assessee. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419042