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TMI Blog2017 (1) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... ious purposes in the earlier years against the income earned by the Trust in the subsequent year will have to be regarded as application of income of the Trust for charitable and religious purposes in the subsequent year in which adjustment has been made having regard to the benevolent provisions contained in section 11 of the Act and that such adjustment will have to be excluded from the income of the Trust under section 11(1)(a) of the Act. - Decided against revenue - ITA No. 2662/Mum/2015 - - - Dated:- 4-1-2017 - Shri Jason P Boaz, AM And Shri Ram Lal Negi, JM Revenue by : Shri Rajat Mittal Assessee by : Shri Amit Khatiwala ORDER Per Jason P Boaz ( A.M ) This appeal by the Revenue is directed against the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the fact that this would have the effect of granting double benefit to the 'assessee first as accumulation of income u/s.11(1)(a) or as corpus donation u/s.11(1)(d) in current year and then as 'application of income u/s.11(1)(a) in the 'subsequent years which was legally not permissible? 2. Whether on the facts and in the circumstances of the case and in law the Ld. CIT(A) erred in allowing the claim of the assessee for carry forward of the said deficit, ignoring the fact that there was no express provision in the I.T. Act, 1961 permitting allowance of such claim. 3.The Appellant prays that the order of the Commissioner of Income Tax (Appeals) 1, Mumbai be set aside and that of the Assessing Officer be restore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under:- 5. Now coming to question No. 3, the point which arises for consideration is : whether excess of expenditure in the earlier years can be adjusted against the income of the subsequent year and whether such adjustment should be treated as application of income in subsequent year for charitable purposes? It was argued on behalf of the department that expenditure incurred in the earlier years cannot be met out of the income of the subsequent year and that utilization of such income for meeting the expenditure of earlier years would not amount to application of income for charitable or religious purposes. In the present case, the assessing officer did not allow carry forward of the excess of expenditure to be set off against the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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