https://www.taxtmi.com/caselaws?id=754756 ITAT Delhi rejected the assessee's claim for exemption under section 11 due to lack of registration certificate under section 12A. The tribunal found that while the exemption claim was properly rejected, the AO erred by taxing gross receipts instead of net profit. The matter was remanded to the AO with directions to assess only net profit/margin and consider the mutuality concept, given the entity's non-profit nature serving its own members under the Companies Act, 1913. en-us Thu, 27 Jun 2024 00:00:00 +0530 Sat, 29 Jun 2024 09:02:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754756 ITAT Delhi rejected the assessee's claim for exemption under section 11 due to lack of registration certificate under section 12A. The tribunal found that while the exemption claim was properly rejected, the AO erred by taxing gross receipts instead of net profit. The matter was remanded to the AO with directions to assess only net profit/margin and consider the mutuality concept, given the entity's non-profit nature serving its own members under the Companies Act, 1913. Case-Laws Income Tax Thu, 27 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754756