Exemption u/s 11 - Denial of carry forward of the deficit of ...

Income Tax Act: 15% Accumulation Allowed Despite Deficit u/s 11, No Legal Prohibition Exists.

December 12, 2020

Case Laws Income Tax AT

Exemption u/s 11 - Denial of carry forward of the deficit of excess of expenditure over income - there is no bar in law and there is no specific provision in the Act which says that deduction of 15% for accumulation will not be allowed in case of deficit to such 15% accumulation is allowable irrespective of whether 15% of income have been applied or not. - AT

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Exemption u/s 11 - Denial of carry forward of the deficit of ...

Income Tax Act: 15% Accumulation Allowed Despite Deficit u/s 11, No Legal Prohibition Exists.

December 12, 2020

Case Laws Income Tax AT

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