https://www.taxtmi.com/caselaws?id=467670 In an appeal arising from processing under section 143(1), the Tribunal reaffirmed that only real income can be brought to tax and that gross receipts cannot be taxed without allowing permissible expenditure. It also held that the assessee's use of an incorrect return form and failure to file a revised return could not be treated as inadvertent on the facts. Because the expenditure claimed had not been properly verified at the processing stage, the matter was restored to the Assessing Officer for examination of the expenditure and consequential taxation only of the embedded real profit. The claim was therefore not accepted outright, but partial relief was granted through remand. en-us Mon, 17 Feb 2025 00:00:00 +0530 Fri, 27 Mar 2026 18:29:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467670 In an appeal arising from processing under section 143(1), the Tribunal reaffirmed that only real income can be brought to tax and that gross receipts cannot be taxed without allowing permissible expenditure. It also held that the assessee's use of an incorrect return form and failure to file a revised return could not be treated as inadvertent on the facts. Because the expenditure claimed had not been properly verified at the processing stage, the matter was restored to the Assessing Officer for examination of the expenditure and consequential taxation only of the embedded real profit. The claim was therefore not accepted outright, but partial relief was granted through remand. Case-Laws Income Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467670