https://www.taxtmi.com/caselaws?id=446340 The Tribunal partly allowed the appeal filed by the assessee, a charitable trust, concerning the taxation of gross receipts. It held that only net income should be taxed, allowing for deductions of related expenditures. The Tribunal directed the AO to reassess the financials of the assessee, ensuring the proper application of income and deductions. The matter was remanded to the AO for further assessment, emphasizing the necessity of evaluating net income rather than gross receipts. The judgment was delivered in open court. en-us Tue, 26 Sep 2023 00:00:00 +0530 Thu, 30 Nov 2023 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446340 The Tribunal partly allowed the appeal filed by the assessee, a charitable trust, concerning the taxation of gross receipts. It held that only net income should be taxed, allowing for deductions of related expenditures. The Tribunal directed the AO to reassess the financials of the assessee, ensuring the proper application of income and deductions. The matter was remanded to the AO for further assessment, emphasizing the necessity of evaluating net income rather than gross receipts. The judgment was delivered in open court. Case-Laws Income Tax Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446340