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2012 (7) TMI 252 - AT - Income TaxCharitable Trust - carry forward and set off of losses - denial on ground that there was no provision for carry forward of the excess of expenditure of earlier years - income of the charitable trust was not assessable under the head ‘profit and gains of business’ u/s 28 in which the provision for carry forward of losses was relevant - Held that:- Income derived from the trust property has also got to be computed on commercial principles and if commercial principles are applied then adjustment of expenses incurred by the trust for charitable religious purpose in the earlier years against the income earned by the trust in the subsequent year will have to be regarded as application of the income of the trust for charitable and religious purpose. Also, assessee has been permitted to carry forward the losses and also to claim set off such losses against the income in earlier AYs, which has been accepted by Revenue. Carry forward and set off allowed. See DIT vs. Vishwa jagrithi Mission (2012 (4) TMI 289 (HC)) - Decided against Revenue
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