Dismissing the appeal of the revenue the Court held that adjustment of excess expenditure of earlier years against income of current year amounts to application of income-Entitle to exemption . Followed CIT ( E) Ohio University Christ College ( 2018)408 ITR 352 ( Karn) (HC) (AY. 2012-13)
CIT ( E) v. Agastya International Foundation. (2019) 417 ITR 539 (Karn) (HC)
S. 11 : Property held for charitable purposes – Application of income- Adjustment of excess expenditure of earlier years against income of current year amounts to application of income-Entitle to exemption .[ S.2(15) 11(1) (a) ]