Trusts Can Carry Forward Losses: Section 11 Allows Adjusting Past Expenses Against Future Income.

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....Application of income of the Trust u/s 11 - Carry forward and set off of losses - if commercial principles are applied then adjustment of expenses incurred by the Trust in the earlier years against the income earned by the Trust in the subsequent year will have to be regarded as application of income of the Trust u/s 11 - AT....