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2016 (7) TMI 707 - HC - Income TaxEntitlement for exemption under Section 11 (1)(a) - Held that:- The assessees are entitled to claim set off of the expenditure incurred in excess of the income in the earlier years against the income of subsequent year, merely because the assessees have incurred the expenses in excess of income, may be out of accumulated fund, the question of denying the benefits of exemption to the assessees under Section 11 (1)(a) of the Act, in respect of the income in previous year relevant to the assessment year, which was admittedly applied for charitable purposes, does not arise. It is not out of place to mention here that the income of the assessees, which are Agriculture Produce Market Committees, constituted under the statute engaged in marketing of the agriculture produce stands exempted by virtue of provisions of Section 10(26AAB) w.e.f. 1.4.09. Thus the decision of the ITAT in holding the assessees entitled to claim exemption under Section 11 (1)(a) of the Act during the relevant assessment year is absolutely justified and does not warrant any interference by this court. - Decided against revenue
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