Charitable trust- Set-off of loss of earlier years against current year income is application of Income

OTC Exchange of India Vs Asst. Director of Income Tax (Exemption) (ITAT Mumbai) Excess expenditure in earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and therefore, AO was directed to allow the claim of assessee. FULL TEXT OF THE ITAT JUDGMENT 1. These three appeals are filed by the assessee against the order of the Ld.CIT(A) -1, Mumbai for the Assessment Year 2010-11 to 2012-13. 2. The appeals for the Assessment Year 2010-11 and 2011-12 are filed against the orders of the Ld.CIT(A)-1, Mumbai dated 14.09.2...