No question of denying exemption u/s. 11 since there is no retention of income

Give Foundation Vs Joint Director of Income-tax (Exemption) (Gujarat High Court) Gujarat High Court held that since for the year under consideration, there is no retention of income but in fact there is a deficit of 7%, hence the question of denying the exemption under section 11 of the Income Tax Act wouldn’t arise. Accordingly, writ petition is allowed. Facts- The present petition has been preferred by the petitioner. It is mainly contested that ITAT has erred in law and on facts in disallowing the surplus of income over expenditure amounting to Rs.31,93,755/- u/s 11 in complete ignorance...