https://www.taxtmi.com/caselaws?id=459369 The ITAT partially allowed the appeal of the educational society, directing the AO to permit a statutory deduction of 15% of the gross receipts. Consequently, only the shortfall amount beyond this threshold should be taxed. The ITAT emphasized statutory provisions and relevant circulars, ensuring alignment with legislative intent for taxation of excess income. en-us Mon, 03 Jun 2024 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459369 The ITAT partially allowed the appeal of the educational society, directing the AO to permit a statutory deduction of 15% of the gross receipts. Consequently, only the shortfall amount beyond this threshold should be taxed. The ITAT emphasized statutory provisions and relevant circulars, ensuring alignment with legislative intent for taxation of excess income. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459369