https://www.taxtmi.com/caselaws?id=784693 Denial of an alternate exemption claim under s.11 at the s.143(1) processing stage, solely for non-filing of audit report in Form 10B, was held impermissible because the defect was curable and the question was debatable; further, absence of an opportunity to cure under s.139(9) vitiated the adjustment. Consequently, the impugned appellate order was set aside and the matter was remitted to the AO to issue notice/opportunity under s.139(9) and re-decide the return. Disallowance of entire expenditure while taxing gross receipts was also held unjustified; only income embedded in receipts can be taxed, and revenue expenditure/depreciation exclusively incurred to earn such income must be allowed under ss.56-57. en-us Thu, 27 Nov 2025 00:00:00 +0530 Sat, 10 Jan 2026 08:25:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784693 Denial of an alternate exemption claim under s.11 at the s.143(1) processing stage, solely for non-filing of audit report in Form 10B, was held impermissible because the defect was curable and the question was debatable; further, absence of an opportunity to cure under s.139(9) vitiated the adjustment. Consequently, the impugned appellate order was set aside and the matter was remitted to the AO to issue notice/opportunity under s.139(9) and re-decide the return. Disallowance of entire expenditure while taxing gross receipts was also held unjustified; only income embedded in receipts can be taxed, and revenue expenditure/depreciation exclusively incurred to earn such income must be allowed under ss.56-57. Case-Laws Income Tax Thu, 27 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784693