Carrying Forward of Excess Application of Income When Receipts Are Less to succeeding year allowed

DCIT Vs Ahmedabad Urban Development Authority (AUDA) (ITAT Ahmedabad) ITAT Ahmedabad held that when application of income is more than receipts of year, excess application of income i.e., expenditure in the hands of the assessee can be carried forward to succeeding Year. Facts- The present appeal is preferred by the revenue contesting that whether, on the facts and in the circumstances of the case, the CIT(A) is justified in allowing the assessee’s appeal, negating the finding of the Assessing officer denying the benefits of section 11 and 12 of the I.T. Act. Further, appeal is also pref...