https://www.taxtmi.com/caselaws?id=767654 Where exemption under section 11 was not pressed, the Tribunal treated the assessee's alternate claim under section 10(23C)(iiiad) and the computation of taxable income on a net basis as legal issues requiring verification. It reiterated that income-tax is levied on income, not on gross receipts, and that if exemption is unavailable, total income must be computed under the Act after allowing deductible expenditure. As the appellate authority had not examined the alternate exemption claim or the proper basis of computation, the matter was restored to the Assessing Officer for fresh verification of eligibility and, if needed, recomputation of income after allowable expenses. en-us Tue, 18 Feb 2025 00:00:00 +0530 Sat, 22 Mar 2025 08:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767654 Where exemption under section 11 was not pressed, the Tribunal treated the assessee's alternate claim under section 10(23C)(iiiad) and the computation of taxable income on a net basis as legal issues requiring verification. It reiterated that income-tax is levied on income, not on gross receipts, and that if exemption is unavailable, total income must be computed under the Act after allowing deductible expenditure. As the appellate authority had not examined the alternate exemption claim or the proper basis of computation, the matter was restored to the Assessing Officer for fresh verification of eligibility and, if needed, recomputation of income after allowable expenses. Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767654