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2013 (12) TMI 781 - AT - Income TaxNon Filing of Form NO. 10 for claiming exemption u/s. 10(21) - Reassessment - Application of income - trust wholly for charitable or religious purposes - Held that:- even if expenses for charitable and religious purposes have been incurred for the earlier year and the said expenses are adjusted against the income of a subsequent year, the income of that year can be said to have been applied for charitable and religious purposes in the year in which the expenses incurred for charitable and religious purpose had been adjusted. - Decision in CIT vs. Shri Plot Swetamber Murti Pujak Jain Mandal (1993 (11) TMI 17 - GUJARAT High Court) followed. Order of CIT(A) confirmed - AO directed to verify the records and if the claim of the deficit of Rs.46,42,125/- is found to be correct, the surplus should be arrived at after setting of the same from the surplus of Rs.55,73,560/- during the current year. The total income shall be computed by the A.O. accordingly. - Decided against the revenue.
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