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of ITAT allowed the taxpayer's appeal for statistical purposes, remanding the matter to the Jurisdictional Assessing Officer for fresh examination. The tribunal held that the assessing authority erred in treating entire gross receipts as income under section 143(1) without considering allowable expenditures. The tribunal emphasized that income tax is chargeable on net income calculated per the Income Tax Act 1961, after deducting eligible expenditures under sections 37 or 57. The case was remitted back for verification of expenditure genuineness, with directions for reasonable opportunity of hearing to the assessee and substantiation of claims without unnecessary adjournments.
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