Charitable Trust Allowed to Set-off Earlier Years’ Excess Application Against Current Income; Form 9A Not Required

Chitradurga Zilla Reddy Jana Sangha (R) Vs ITO (ITAT Bangalore) Charitable Trust Allowed to Set-off Earlier Years’ Excess Application Against Current Income; Form 9A Not Required The assessee, a charitable trust registered u/s 12A, filed its return for AY 2017-18 declaring nil income. In the intimation issued u/s 143(1), the CPC disallowed ₹76.29 lakh on the ground that the trust claimed exemption under “deemed application of income” but had not filed Form 9A within the prescribed time under Rule 17. Before the appellate authorities, the assessee explained that the surplus was wrongly ...