Affirming Delhi High Court’s view, in Subros Educational Society ( IT No. 382 of 2015 dt 23rd Sept., 2015),that any excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent years, the Supreme Court dismissed the Miscellaneous Application of the Revenue.
CIT(E) .v. Subros Educational Society (2018) 303 CTR 1 / 166 DTR 257 / 96 taxmann.com 652 (SC)/Editrial: Review petition of Revenue dismissed , CIT (E) v. Subros Educational Society (2022) 286 Taxman 97 (SC)
S. 11 : Property held for charitable purposes – Application of income – Any excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent years.