Expenditure incurred in an earlier year could be adjusted against income of succeeding year while computing taxable income of succeeding year. Followed CIT v. Institute of Banking Personnel Selection [2003] 264 ITR 110 (Bom.) (HC). (AY. 2012-13)
ITO v. Namma Sangha (2018) 173 ITD 297 (Bang.)(Trib.)
S. 11 : Property held for charitable purposes-Application of income-Expenditure incurred in an earlier year could be adjusted against income of succeeding year while computing taxable income of succeeding year. [S. 12, 12A]