2018 (4) TMI 1622 - SCH - Income Tax

The following question raised in the instant appeal which was not the subject matter of those earlier appeals (a) Whether any 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 of the Income Tax Act, 1961? To this extent, Mr. K. Radhakrishnan, learned senior counsel appearing on behalf of the applicant/appellant is correct. Therefore, we have heard him on the aforesaid question of law as well but did not find any merit therein. The miscellaneous application is dismissed.

Summary

The Supreme Court dismissed the Income Tax Department's application regarding excess expenditure set-off against income of subsequent years under Section 11 of the Income Tax Act, 1961.