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2019 (3) TMI 386 - AT - Income TaxCarry forward of deficit on account of excess expenditure - Accumulation of income u/s.11(1)(a) - whether double benefit to the assessee, first as 'accumulation' of income u/s.11(1)(a) or as corpus donation u/s 11(1)(d) in earlier years/current year and then as 'application' of income u/s 11(1)(a) in the subsequent years - HELD THAT:- Consistent view taken by Hon’ble Courts and co-ordinate Benches of the tribunal in favour of the tax-payer on this issue of carry forward of excess of expenditure incurred towards the object of the trust over income of the tax-payer trust from property held for charitable purposes to the subsequent years to be set off against income/surplus of the subsequent years, we dismiss the appeal of the Revenue by adjudicating this issue in favour of the assessee. Pendency of revenue SLP - HELD THAT:-SLP in the case of MIDC was dismissed by the Hon’ble Supreme Court vide orders dated 13.12.2017, in CA No. 009813/2014 reported in CIT VERSUS RAJASTHAN AND GUJARATI CHARITABLE FOUNDATION POONA[2017 (12) TMI 1067 - SUPREME COURT] No hesitation in holding that the assessee would be entitled to carry forward excess of expenditure incurred towards objects of the trust over income from property held for charitable purposes being deficit for the impugned year to be carried forward to subsequent years to be set off against income of the subsequent years. The Revenue fails in its appeal.
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