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TMI Blog2019 (9) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent : Shri Hardik Vora, A.R. ORDER PER PRADIP KUMAR KEDIA - AM: The captioned appeal has been filed at the instance of the Revenue against the order of the Commissioner of Income Tax (Appeals)-9, Ahmedabad, ('CIT(A)' in short), dated 19.09.2017 arising in the assessment order dated 30.03.2016 passed by the Assessing Officer (AO) under s. 143(3) of the Income Tax Act, 1961 (the Act) conce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver next years. 5. Aggrieved by the order of the CIT(A), the Revenue is in appeal before the Tribunal. 6. The learned DR for the Revenue relied upon the order of the AO while the learned AR for the assessee relied upon the order of the CIT(A) as well as various judicial pronouncements in this regard. 7. We have carefully considered the rival submissions. The solitary question that arises for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure incurred in the earlier year can be met out of the income of the subsequent year and utilization of such income for meeting the expenditure of the earlier year would amount to such income being applied for charitable or religious trusts. The Hon'ble Gujarat High Court further held that income derived from Trust property has to be computed on commercial principles and consequently deficit arisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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