Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 80 - AT - Income TaxExemption u/s 11 - carry forward of deficit, being excess of expenditure over receipts, to subsequent years - HELD THAT:- We find that on similar issue, the Hon'ble Supreme Court in Subros Educational Society [2022 (2) TMI 582 - SC ORDER] held that any excess expenditure incurred by the trust / charitable institution in earlier assessment year would be allowed to be set–off against income of the subsequent years by invoking the provisions of section 11. We find no reason to interfere with the findings of the CIT(A) allowing carry forward of deficit, being excess of expenditure over receipts, to subsequent years. Accordingly, the sole ground raised by the Revenue is dismissed.
|