https://www.taxtmi.com/caselaws?id=446086 ITAT Bangalore allowed the assessee's appeal regarding set-off of excess application of income under Section 11. The trust claimed adjustment of surplus income against excess utilization from previous assessment years 1999-2000 to 2001-02. AO denied the claim stating it was not permissible but didn't dispute the figures. ITAT held that excess application of income from previous years can be set off against subsequent year's surplus income, citing precedents from City Hospital Charitable Trust and Jyothy Charitable Trust cases. The appeal was allowed. en-us Mon, 07 Aug 2023 00:00:00 +0530 Fri, 24 Nov 2023 20:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446086 ITAT Bangalore allowed the assessee's appeal regarding set-off of excess application of income under Section 11. The trust claimed adjustment of surplus income against excess utilization from previous assessment years 1999-2000 to 2001-02. AO denied the claim stating it was not permissible but didn't dispute the figures. ITAT held that excess application of income from previous years can be set off against subsequent year's surplus income, citing precedents from City Hospital Charitable Trust and Jyothy Charitable Trust cases. The appeal was allowed. Case-Laws Income Tax Mon, 07 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446086