Delhi School was allowed to claim carry forward of losses

DCIT Vs Delhi Public School Society (ITAT Delhi) Conclusion: Adjustment of deficit of current year against income of subsequent year would amount to the application of income of the trust for charitable purposes in subsequent years within the meaning of section 11(1)(a). Held:  Revenue contended that CIT(A) has erred in law in allowing the claim of carry forward of losses of assessee-trust disregarding the fact that set-off and carry forward of losses were dealt with by the provisions of section 70 to 74 of the Income Tax Act. It was held that  in the decision of Delhi High Court in the ca...