https://www.taxtmi.com/caselaws?id=757043 The Tribunal ruled in favor of the appellant, directing the AO to assess the income under "Income from Other Sources" and permit deductions as per Section 57 of the Income Tax Act. The appellant, not being a registered trust, was deemed ineligible for exemption under Section 11. The Tribunal invalidated the disallowance of all expenses under Section 143(1), emphasizing that only income embedded in gross receipts should be taxed. The case was remanded to the AO for reassessment, allowing the appellant to claim revenue expenditure incurred to earn income. The appeal was allowed for statistical purposes. en-us Thu, 08 Aug 2024 00:00:00 +0530 Wed, 14 Aug 2024 08:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757043 The Tribunal ruled in favor of the appellant, directing the AO to assess the income under "Income from Other Sources" and permit deductions as per Section 57 of the Income Tax Act. The appellant, not being a registered trust, was deemed ineligible for exemption under Section 11. The Tribunal invalidated the disallowance of all expenses under Section 143(1), emphasizing that only income embedded in gross receipts should be taxed. The case was remanded to the AO for reassessment, allowing the appellant to claim revenue expenditure incurred to earn income. The appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757043