https://www.taxtmi.com/caselaws?id=435765 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal filed by a Trust against the disallowance of exemption claimed under sections 11 and 12 of the Income Tax Act. The ITAT ruled that despite the late filing of the return, as the Trust incurred a loss for the year, no tax should be charged on the entire receipts. The Tribunal emphasized the importance of deducting allowable expenditures to determine taxable income, setting aside the Commissioner of Income Tax (Appeals) order. en-us Thu, 23 Mar 2023 00:00:00 +0530 Sun, 26 Mar 2023 20:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435765 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal filed by a Trust against the disallowance of exemption claimed under sections 11 and 12 of the Income Tax Act. The ITAT ruled that despite the late filing of the return, as the Trust incurred a loss for the year, no tax should be charged on the entire receipts. The Tribunal emphasized the importance of deducting allowable expenditures to determine taxable income, setting aside the Commissioner of Income Tax (Appeals) order. Case-Laws Income Tax Thu, 23 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435765