Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 1043 - HC - Income TaxExemption u/s 11 - Disallowing depreciation on fixed assets on assessee trust - HELD THAT:- Issue squarely covered against the Revenue by the Judgment of Supreme Court in the case of Commissioner of Income TaxIII, Pune Vs. Rajasthan & Gujarati Charitable Foundation Poona. [ 2017 (12) TMI 1067 - SUPREME COURT ] . Carry forward of deficit and allowing set off against the income of the subsequent years - allowing the deficit will tantamount to double deduction on account of expenditure out of exempt income - HELD THAT:- Excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent years by invoking Section 11.
|