2020 (3) TMI 621

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.... by: Smt. Sowmya Achar, Addl.CIT(DR)(ITAT), Bengaluru. Revenue by: Shri V. Srinivasan, Advocate ORDER Per N.V. Vasudevan, Vice-President These are appeals by the Revenue against two orders both dated 11.1.2018 of CIT(A)-10, Bengaluru, relating to assessment years 2014-15 & 2009-10 respectively. 2. The only common issue that arises for consideration in these appeals by the revenue is as t....

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....A) directed the AO to allow the claim of the Assessee. Aggrieved by the order of CIT(A), the Assessee has raised ground no.3 before the Tribunal. 5. The learned DR reiterated the stand of the AO that there is no provision in the Act to allow carry forward of excess application of income for set off as application of income in subsequent years. The ld. counsel for the Assessee relied on the order....

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.... the year in which such adjustment takes place. In other words, the set-off of excess of expenditure incurred over the income of earlier years against the income of a later year will amount to application of income of such later year. The above is the position of law as held in the case of CIT Vs. Maharana of Mewar Charitable Foundation 164 ITR 439 (Raj) & CIT Vs. Shri Plot Swetamber Murti Pujak J....

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.... or years can be adjusted against the income of the subsequent year. The principle that the loss incurred under one head can only be set off against the income from the same head is not of any relevance, if the expenditure incurred was for religious or charitable purposes, and the expenditure adjusted against the income of the trust in a subsequent year, would not amount to an incidence of loss of....