https://www.taxtmi.com/caselaws?id=440996 The Tribunal affirmed the CIT(A)'s decision, allowing the carry forward of excess expenditure for set off in subsequent assessment years. Citing judicial precedents, the Tribunal held that excess expenditure can be set off against income in later years, treating it as an application of income for charitable purposes. The Revenue's appeal was dismissed, with the Tribunal noting the applicability of relevant court decisions. The Tribunal also highlighted an upcoming amendment to Section 11 but clarified that it does not impact the current assessment year. en-us Thu, 27 Jul 2023 00:00:00 +0530 Sun, 30 Jul 2023 19:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440996 The Tribunal affirmed the CIT(A)'s decision, allowing the carry forward of excess expenditure for set off in subsequent assessment years. Citing judicial precedents, the Tribunal held that excess expenditure can be set off against income in later years, treating it as an application of income for charitable purposes. The Revenue's appeal was dismissed, with the Tribunal noting the applicability of relevant court decisions. The Tribunal also highlighted an upcoming amendment to Section 11 but clarified that it does not impact the current assessment year. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440996