https://www.taxtmi.com/caselaws?id=311019 ITAT Delhi upheld CIT(A)'s decision allowing a trust to carry forward current year losses and set-off excess deficits from earlier years. The Revenue argued that sections 11-13 governing charitable trust taxation contain no provision for computing property losses due to excess application of trust funds. However, ITAT relied on precedents from Delhi, Rajasthan, Gujarat, and Bombay HCs establishing that trusts can carry forward deficits and adjust them against subsequent years' income, treating such adjustments as charitable applications under section 11(1)(a). The Revenue's appeal was dismissed. en-us Fri, 16 Jul 2021 00:00:00 +0530 Sun, 03 Dec 2023 18:52:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311019 ITAT Delhi upheld CIT(A)'s decision allowing a trust to carry forward current year losses and set-off excess deficits from earlier years. The Revenue argued that sections 11-13 governing charitable trust taxation contain no provision for computing property losses due to excess application of trust funds. However, ITAT relied on precedents from Delhi, Rajasthan, Gujarat, and Bombay HCs establishing that trusts can carry forward deficits and adjust them against subsequent years' income, treating such adjustments as charitable applications under section 11(1)(a). The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311019