https://www.taxtmi.com/caselaws?id=303779 The Tribunal dismissed the Revenue's appeal, affirming the decision of the CIT(A) to allow the carry forward of deficit for a charitable trust under Section 11 of the Income Tax Act. The Tribunal held that the trust could set off excess expenditure from previous years against income of subsequent years based on judicial precedents and commercial principles. The decision was in line with the interpretation provided by the Hon'ble Supreme Court and previous court rulings, including the Hon'ble Gujarat High Court's decision in a similar case. en-us Tue, 23 Jul 2019 00:00:00 +0530 Fri, 12 Aug 2022 20:40:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303779 The Tribunal dismissed the Revenue's appeal, affirming the decision of the CIT(A) to allow the carry forward of deficit for a charitable trust under Section 11 of the Income Tax Act. The Tribunal held that the trust could set off excess expenditure from previous years against income of subsequent years based on judicial precedents and commercial principles. The decision was in line with the interpretation provided by the Hon'ble Supreme Court and previous court rulings, including the Hon'ble Gujarat High Court's decision in a similar case. Case-Laws Income Tax Tue, 23 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303779