https://www.taxtmi.com/caselaws?id=461220 Where exemption under section 11 was denied, taxable income still had to be computed under the regular provisions on the basis of real income after allowing admissible expenditure. Taxing gross receipts without considering deductible expenses was impermissible because income tax is levied on income, not on gross receipts. The assessment framed on that basis could not stand and was remitted to the Assessing Officer for fresh computation of total income in accordance with law. en-us Mon, 14 Aug 2023 00:00:00 +0530 Fri, 21 Mar 2025 19:21:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461220 Where exemption under section 11 was denied, taxable income still had to be computed under the regular provisions on the basis of real income after allowing admissible expenditure. Taxing gross receipts without considering deductible expenses was impermissible because income tax is levied on income, not on gross receipts. The assessment framed on that basis could not stand and was remitted to the Assessing Officer for fresh computation of total income in accordance with law. Case-Laws Income Tax Mon, 14 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461220