https://www.taxtmi.com/caselaws?id=429387 Exemption under section 11 depends on compliance with the statutory registration requirement under sections 12A and 12AA, and the absence of valid registration for the relevant year meant the exemption claim could not be accepted. Later registration did not affect the position for that assessment year. Where exemption is unavailable, taxable income must still be computed on commercial principles by examining the income and expenditure account and supporting material, rather than by taxing gross receipts alone. The denial of exemption was upheld, but the quantum of income required fresh verification on that basis, resulting in partial relief only on computation. en-us Fri, 21 Oct 2022 00:00:00 +0530 Thu, 27 Oct 2022 07:49:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429387 Exemption under section 11 depends on compliance with the statutory registration requirement under sections 12A and 12AA, and the absence of valid registration for the relevant year meant the exemption claim could not be accepted. Later registration did not affect the position for that assessment year. Where exemption is unavailable, taxable income must still be computed on commercial principles by examining the income and expenditure account and supporting material, rather than by taxing gross receipts alone. The denial of exemption was upheld, but the quantum of income required fresh verification on that basis, resulting in partial relief only on computation. Case-Laws Income Tax Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429387