Dismissing the appeal of the revenue the Tribunal held that the assessee is entitled to carry forward deficit of current year and to set off same against income of subsequent years. (AY. 2013-14)
ITO(E) v. Dr. Bhai Mohan Singh Foundation (2020) 80 ITR 27 (SN) (Delhi)(Trib.)
S. 11 : Property held for charitable purposes-Trust entitled carry forward deficit of current year and to set it off against income of subsequent years. [S. 11((1)(a), 12A]