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2014 (1) TMI 985 - AT - Income TaxDisallowance of brought forward and set off loss - Exemption u/s 11 - The AO opined that if the view point of the assessee was accepted, it would result in granting double benefit, one being the exempt income and the other being carry forward of losses. - Held that:- Following assessee's own case for A.Y. 2006-07 [2012 (7) TMI 252 - ITAT, DELHI] - 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 - 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 - Decided in favour of assessee.
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