forward of deficit of Rs. 5,54,70,179/- and directing the
Assessing Officer to allow carry forward of deficit on account of excess expenditure ... accounting norms, capital expenditure is not to be debited to income
and expenditure account and hence no occasion arises when a deficit can
be computed
deficit of
earlier year in the income and expenditure account against income of the
current year.
2. Facts in brief are that the assessee trust ... present case, The issue of set off of deficit of earlier year against income of
current year is also covered by the judgment
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
has been brought forward ... earlier years brought
forward expenses as application of income
in the current year. According to the
Assessing Officer, the application of
income for charitable purposes
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
has been brought forward ... earlier years brought
forward expenses as application of income
in the current year. According to the
Date of Judgment
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
has been brought forward ... earlier years brought
forward expenses as application of income
in the current year. According to the
Assessing Officer, the application of
income for charitable purposes
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
Date of Judgment ... earlier years brought
forward expenses as application of income
in the current year. According to the
Assessing Officer, the application of
income for charitable purposes
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
has been brought forward ... earlier years brought
forward expenses as application of income
in the current year. According to the
Assessing Officer, the application of
income for charitable purposes
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
has been brought forward ... earlier years brought
forward expenses as application of income
in the current year. According to the
Assessing Officer, the application of
income for charitable purposes
Assessing Officer
observed that the assessee had claimed
application of income on account of
expenditure of earlier years, which
has been brought forward ... earlier years brought
forward expenses as application of income
in the current year. According to the
Assessing Officer, the application of
income for charitable purposes
claim for
depreciation on new assets put into use during
the accounting year relevant to this asst. year,
even though the entire cost of these ... allowing carry forward of deficit
of earlier years for set off against the income of
the current year, when there is no provision
