https://www.taxtmi.com/caselaws?id=432530 The court ruled in favor of the appellant/assessee in an appeal against the Income Tax Appellate Tribunal's order for Assessment Year 2014-15. The court found that the assessing officer incorrectly taxed the entire receipts as income without considering deductible expenses, applying the maximum marginal rate unjustly. It was emphasized that only surplus income should be taxable after deducting expenses. The court also noted the failure of the authorities to address the appellant's specific grounds, leading to the appeal being allowed and the orders of the Tribunal and CIT(A) set aside. en-us Tue, 13 Dec 2022 00:00:00 +0530 Sat, 07 Jan 2023 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432530 The court ruled in favor of the appellant/assessee in an appeal against the Income Tax Appellate Tribunal's order for Assessment Year 2014-15. The court found that the assessing officer incorrectly taxed the entire receipts as income without considering deductible expenses, applying the maximum marginal rate unjustly. It was emphasized that only surplus income should be taxable after deducting expenses. The court also noted the failure of the authorities to address the appellant's specific grounds, leading to the appeal being allowed and the orders of the Tribunal and CIT(A) set aside. Case-Laws Income Tax Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432530