Dismissing the appeal of the revenue the Court held that the Tribunal is justified in setting off of the earlier loss against the setting off of income of the subsequent year . Followed CIT ( E) v Sbros Educational Society ( 2018) 7 SCC 548 . (ITA No. 5391 /Mum/2016 dt 1-02 2017 ( AY. 2012 -13) (ITA No 1761 of 2017 dt 22-01 2020 )
CIT ( E ) v Rustomjee Kerawalla Foundation ( Bom) (HC) (UR)
S. 11 : Property held for charitable purposes – Carry forward of deficit – Allowed to be set off against income of the subsequent year . [ S. 12,32 , 72 ]