Deficit incurred in earlier years by a Trust can be treated as application of Income in Subsequent year

Deficit incurred by a trust could not be treated in the same way as that of a loss sustained by an assessee under the head ‘profits and gains of business or profession‘ for such deficit to be furnished in a return and verified. The same was to be allowed to be set off against surplus on application of accounting principles. He referred to sections 80, 139(3) and 157 to submit that those provisions could

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