TMI BlogAssessment of trust - Disallowance of revenue expenditure - The Tribunal held that, since the surplus...Assessment of trust - Disallowance of revenue expenditure - The Tribunal held that, since the surplus income does not exceed 15% of the total receipts of the assessee trust, the same has to be carried forward for subsequent application of this income for charitable purposes. Therefore, no addition is called for. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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