https://www.taxtmi.com/caselaws?id=65276 The Tribunal upheld the denial of exemption under sections 11 and 12 due to violations of sections 13(1)(c) and 13(2)(c) concerning excessive payments to an individual. It was determined that only the net income should be taxed after allowing verified expenses. The Tribunal remitted the matter of verifying expenses back to the assessing officer. The assessee's cross-objection regarding the exclusion of certain items was dismissed. The Revenue's appeal was allowed for statistical purposes, and the cross-objection of the assessee was dismissed. en-us Fri, 13 Oct 2006 00:00:00 +0530 Thu, 26 Jul 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65276 The Tribunal upheld the denial of exemption under sections 11 and 12 due to violations of sections 13(1)(c) and 13(2)(c) concerning excessive payments to an individual. It was determined that only the net income should be taxed after allowing verified expenses. The Tribunal remitted the matter of verifying expenses back to the assessing officer. The assessee's cross-objection regarding the exclusion of certain items was dismissed. The Revenue's appeal was allowed for statistical purposes, and the cross-objection of the assessee was dismissed. Case-Laws Income Tax Fri, 13 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65276