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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Eligibility for deduction U/s.11 & 12 - The claim of the ...

Income Tax

September 23, 2015

Eligibility for deduction U/s.11 & 12 - The claim of the assessee to carry forward the excess application of fund cannot be entertained applying the commercial principles. However if the excess application of funds are from the borrowed fund or from the sundry creditors during the earlier years, the same shall be allowed as application in the year in which such loan or sundry creditors are repaid from the income of the trust. - AT

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