Benefit of exemption u/s. 11(1)(a) cannot be debarred for incurring more expense than income

Rajasthan Cricket Association North Block Vs ITO (ITAT Jaipur) ITAT Jaipur held that trust incurring more expenditure than income doesn’t debar it from benefit of exemption u/s. 11(1)(a) of the Income Tax Act in respect of income admittedly applied for charitable purpose. Accordingly, appeal of assessee allowed. Facts- The assessee is registered as a society under the Rajasthan Societies Registration Act, 1958. In the return of income filed, association has declared total receipts at Rs. 1,80,34,791/- out of which Rs. 1,53,29,572/-claimed as application of income and claimed income accumulat...