Is carry forward of losses allowable under the Income Tax Act?

Last updated: 02 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns the British School Society's claim to carry forward losses. The Revenue argued that provisions for set-off and carry-forward of losses (Sections 70-74) are not applicable to charitable trusts, as the normal computation of income rules don't apply to them. The tribunal reviewed whether losses from property held under trust can be computed and carried forward for future set-off.

Court :
ITAT Delhi

Brief :
This appeal by the Revenue is preferred against the order of the CIT[A] - 40, Delhi dated 29.05.2017 pertaining to A.Y 2014–15. 

Citation :
ITA No. 4579/DEL/2017 [A.Y 2014-15]

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