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2010 (8) TMI 657 - MADRAS HIGH COURTExemption u/s 80G - Trust Non application of 85% of income - Revenue contented that the assessee cannot seek to set off excess expenditure incurred for the earlier years against the deficiency for the subsequent years u/s 11 of the Income Tax Act - Held that:- Section 11 of the Act is a benevolent provision, and that the expenditure incurred on religious or charitable purposes in an earlier year or years can be adjusted against the income of the subsequent year as decided in the case of GOVINDU NAICKER ESTATE v. ASSISTANT DIRECTOR OF INCOME TAX (1998 -TMI - 14496 - MADRAS High Court). Exemption under Section 80-G - The details furnished by the assessee in the Application Form No.10-G of the Income Tax Act, would show that the percentage of income applied is less than 85% - Therefore, the appeal is allowed in part with a direction to the Income Tax Appellate Tribunal to consider the issue as to whether after adjusting the excess expenditure incurred by the assessee on charitable purpose as claimed by it in the Application Form 10-G of the Income Tax Act, is more than 85% for the assessment years 2006-07 and 2008-09, for the purpose of granting exemption under Section 80-G of the Income Tax Act.
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