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2016 (2) TMI 35 - AT - Income TaxCarry forward of deficit and allowing set off against income of subsequent years - assessee is a trust - CIT(A) allowed the claim - Held that:- Carry forward of deficit of earlier years has to be set off against the surplus of subsequent years. See Commissioner Of Income-Tax Versus Shri Plot Swetamber Murti Pujak Jain Mandal (1993 (11) TMI 17 - GUJARAT High Court ), Commissioner Of Income-Tax Versus Maharana Of Mewar Charitable Foundation(Raj.)[1986 (7) TMI 56 - RAJASTHAN High Court], Commissioner of Income-Tax Versus Institute Of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY High Court] Commissioner Of Income-Tax Versus Matriseva Trust [1999 (3) TMI 34 - MADRAS High Court] held that excess of expenditure over income in one year can be set off in subsequent year against the income u/s 11 as and by way of application of income. Respectfully following the aforementioned Hon’ble High Courts and specifically Hon’ble jurisdictional High Court,find no infirmity in the conclusion of the ld. Commissioner of Income Tax (Appeals) and affirmed the same. - Decided against revenue
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