https://www.taxtmi.com/caselaws?id=772370 Absence of renewed registration under section 12A/12AB meant exemption under section 11 was not available for the relevant year. However, gross receipts could not be taxed in full as income; only the net surplus, after allowing verified expenditure and depreciation, was the appropriate tax base. The record therefore required verification of the assessee's expenditure and depreciation claims, and the matter was remitted to the Assessing Officer for recomputation. The claim for full exemption failed, but the addition of entire gross receipts was set aside for fresh examination. en-us Tue, 27 May 2025 00:00:00 +0530 Sat, 07 Jun 2025 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772370 Absence of renewed registration under section 12A/12AB meant exemption under section 11 was not available for the relevant year. However, gross receipts could not be taxed in full as income; only the net surplus, after allowing verified expenditure and depreciation, was the appropriate tax base. The record therefore required verification of the assessee's expenditure and depreciation claims, and the matter was remitted to the Assessing Officer for recomputation. The claim for full exemption failed, but the addition of entire gross receipts was set aside for fresh examination. Case-Laws Income Tax Tue, 27 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772370