https://www.taxtmi.com/caselaws?id=465644 Where an educational institution's exemption under s.10(23C)(vi) was denied for belated filing of Form 10BB, the Tribunal held that, even if exemption is not presently available, the assessee cannot be assessed on gross receipts by CPC/CIT(A) without allowing corresponding revenue expenditure, since income chargeable must be computed on net basis and legitimate deductions cannot be denied merely due to exemption denial. Following binding HC precedent, the impugned orders were set aside and the matter remanded to AO/CPC to assess only net income (including verification of excess expenditure) for the relevant AYs under s.143(1), with exemption to be allowed by rectification if CBDT later condones the delay. en-us Fri, 13 Dec 2024 00:00:00 +0530 Sat, 03 Jan 2026 15:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465644 Where an educational institution's exemption under s.10(23C)(vi) was denied for belated filing of Form 10BB, the Tribunal held that, even if exemption is not presently available, the assessee cannot be assessed on gross receipts by CPC/CIT(A) without allowing corresponding revenue expenditure, since income chargeable must be computed on net basis and legitimate deductions cannot be denied merely due to exemption denial. Following binding HC precedent, the impugned orders were set aside and the matter remanded to AO/CPC to assess only net income (including verification of excess expenditure) for the relevant AYs under s.143(1), with exemption to be allowed by rectification if CBDT later condones the delay. Case-Laws Income Tax Fri, 13 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465644