[aaykarbhavan] No prescribed format to defer application of trust's income to later years if less than 85% of income is applied

No prescribed format to defer application of trust's income to later years if less than 85% of income is applied

April 12, 2014[2014] 43 taxmann.com 392 (Gujarat)

IT: Where assessee-trust, failing to use 85 per cent of income from property, wrote letter conveying department for option available under clause (2) of Explanation to section 11(1) to allow it to spend surplus amount to next year, no disallowance was to be made merely on ground that declaration was not made in a prescribed manner

 

Regards

Prarthana Jalan

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