https://www.taxtmi.com/caselaws?id=426349 The High Court upheld the allowance of deficits against income for a Trust engaged in charitable activities. It affirmed that deficits from depreciation, corpus donations, and accumulated unspent funds could be set off against surplus income in subsequent years. The Court emphasized the commercial computation of trust income and the permissibility of such set-offs based on judicial precedents. The Tax Appeal was dismissed, with the Court finding no error in the decisions of the lower authorities. en-us Thu, 07 Jul 2022 00:00:00 +0530 Sat, 13 Aug 2022 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426349 The High Court upheld the allowance of deficits against income for a Trust engaged in charitable activities. It affirmed that deficits from depreciation, corpus donations, and accumulated unspent funds could be set off against surplus income in subsequent years. The Court emphasized the commercial computation of trust income and the permissibility of such set-offs based on judicial precedents. The Tax Appeal was dismissed, with the Court finding no error in the decisions of the lower authorities. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426349