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2021 (4) TMI 266 - KARNATAKA HIGH COURTAssessment of trust - Brought forward of excess application and carry forward of excess application of income of current year to subsequent years - HELD THAT:- Excess application of a charitable fund in a particular year is allowed to be carried forwarded to subsequent year for set off against any shortfall in spending in that year under the provisions of fact - expenses incurred by the trust in earlier years against the income earned by the trust in subsequent year will have to be regarded as application of income of trust. Identical issue has been considered by Hon’ble Karnataka High Court in case of CIT (E) vs Ohio University Christ College [2018 (11) TMI 1055 - KARNATAKA HIGH COURT] wherein allowed claim of assessee - Decided against revenue.
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