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2018 (5) TMI 1693 - AT - Income TaxApplication of income of the Trust u/s 11 - Carry forward and set off of losses - carry forward excess expenditure in the earlier year for setting off against the surplus of current year and all the subsequent years and considering the same as application of income for charitable purpose - Held that:- In assessee's own case [ 2017 (5) TMI 1564 - ITAT MUMBAI] as 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 in the earlier years against the income earned by the Trust in the subsequent year will have to be regarded as application of income of the Trust u/s 11 - Decided in favor of assessee. Deletion of excess interest income already included in the gross receipts and was brought to the notice by filing the revised return - Held that:- Since the income was already shown in the gross receipts and thus resulting into double income - it would be in the interest of justice and fair play, the matter is restored back to the file of the AO - allowed for statistical purposes
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