https://www.taxtmi.com/caselaws?id=59137 The Tribunal dismissed the departmental appeal challenging the direction to carry forward the deficit for set off against future capital gains. It was concluded that deficits from excess spending for charitable purposes cannot be carried forward as there is no provision in the Act for such procedure. The exemption for charitable trusts is limited to income applied for charitable purposes, and any deficit arising from excess spending cannot be included in the total income or carried forward. The appeal was rejected, affirming that deficits from excess spending cannot be set off against future capital gains. en-us Wed, 28 Feb 1990 00:00:00 +0530 Sat, 25 Dec 2010 12:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59137 The Tribunal dismissed the departmental appeal challenging the direction to carry forward the deficit for set off against future capital gains. It was concluded that deficits from excess spending for charitable purposes cannot be carried forward as there is no provision in the Act for such procedure. The exemption for charitable trusts is limited to income applied for charitable purposes, and any deficit arising from excess spending cannot be included in the total income or carried forward. The appeal was rejected, affirming that deficits from excess spending cannot be set off against future capital gains. Case-Laws Income Tax Wed, 28 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59137