https://www.taxtmi.com/caselaws?id=340381 The First Appellate Authority directed the Assessing Officer to allow underlying expenditure from the taxed receipts, emphasizing that income tax is leviable on profits and gains, not gross receipts. The FAA's decision was based on the principle that expenditure incurred by the assessee must be allowed from the income taxed. The FAA's order was upheld, dismissing the AO's appeal. The Tribunal confirmed this decision, highlighting the importance of allowing expenditure related to income taxed by the AO. The judgment underscored the necessity of allowing expenditure incurred by the assessee from the income taxed, upholding fundamental principles of taxation jurisprudence. en-us Tue, 07 Mar 2017 00:00:00 +0530 Fri, 17 Mar 2017 20:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340381 The First Appellate Authority directed the Assessing Officer to allow underlying expenditure from the taxed receipts, emphasizing that income tax is leviable on profits and gains, not gross receipts. The FAA's decision was based on the principle that expenditure incurred by the assessee must be allowed from the income taxed. The FAA's order was upheld, dismissing the AO's appeal. The Tribunal confirmed this decision, highlighting the importance of allowing expenditure related to income taxed by the AO. The judgment underscored the necessity of allowing expenditure incurred by the assessee from the income taxed, upholding fundamental principles of taxation jurisprudence. Case-Laws Income Tax Tue, 07 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340381