AO Must Reassess Unregistered Trust's Tax: Focus on Net Income, Not Gross Receipts, After Deducting Expenses.

AO Must Reassess Unregistered Trust's Tax: Focus on Net Income, Not Gross Receipts, After Deducting Expenses. https://www.taxtmi.com/highlights?id=46941 Exemption u/s 11- taxability of unregistered trust - AO has brought gross receipts to tax which is against the basic tenets of law where only the real income which is determined after deducting expenses from gross receipts i.e only net income can be brought to tax - remanded AO to examine the claim of the expenditure against the gross receipts en-us Tue, 04 Jun 2019 08:24:43 +0530 Tue, 04 Jun 2019 08:24:43 +0530 TaxTMI RSS Generator AO Must Reassess Unregistered Trust's Tax: Focus on Net Income, Not Gross Receipts, After Deducting Expenses. https://www.taxtmi.com/highlights?id=46941 Exemption u/s 11- taxability of unregistered trust - AO has brought gross receipts to tax which is against the basic tenets of law where only the real income which is determined after deducting expenses from gross receipts i.e only net income can be brought to tax - remanded AO to examine the claim of the expenditure against the gross receipts Highlights Income Tax Tue, 04 Jun 2019 08:24:43 +0530 https://www.taxtmi.com/highlights?id=46941