Excess application of income of previous years can be set off from subsequent year’s surplus income

Sindhi Youth Association Vs ADIT (ITAT Bangalore) Introduction: The Income Tax Appellate Tribunal (ITAT) in Bangalore has issued a crucial ruling in the case of Sindhi Youth Association vs ADIT. The case revolves around the allowance for setting off earlier years’ excess application of income against subsequent year’s surplus under Section 11 of the Income Tax Act, applicable to Charitable Trusts. The tribunal also condoned a delay of 264 days in filing the appeal, considering the reasonable explanations offered by the assessee. Detailed Subheading Wise Analysis Delay of 264 Days C...