Dismissing the appeal of the revenue the Court held that; Adjustment of excess expenditure against income of current year amounts to application of income. (AY. 2011-12)
CIT v. Shushrutha Educational Trust. (2018) 408 ITR 536 (Karn) (HC)
S. 11 : Property held for charitable purposes– Application of income- Adjustment of excess expenditure against income of current year amounts to application of income[ S.12]