https://www.taxtmi.com/caselaws?id=792551 Where exemption under Section 11 was not being pursued and Form 10B had not been filed with the return, the Tribunal directed fresh examination so that tax is computed on net income rather than gross receipts. It held that gross receipts cannot be brought to tax without giving effect to allowable expenditure, and restored the matter to the Assessing Officer for reconsideration. The assessee was given liberty to file supporting evidence in aid of its claim. en-us Fri, 24 Apr 2026 00:00:00 +0530 Sat, 30 May 2026 08:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792551 Where exemption under Section 11 was not being pursued and Form 10B had not been filed with the return, the Tribunal directed fresh examination so that tax is computed on net income rather than gross receipts. It held that gross receipts cannot be brought to tax without giving effect to allowable expenditure, and restored the matter to the Assessing Officer for reconsideration. The assessee was given liberty to file supporting evidence in aid of its claim. Case-Laws Income Tax Fri, 24 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792551