https://www.taxtmi.com/caselaws?id=469440 Gross receipts could not be taxed as total income under section 143(1) without allowing corresponding revenue expenditure disclosed in the return. The Tribunal held that filing the return in the wrong form, or failing to file a revised return, was only a technical lapse and did not justify ignoring expenditure incurred wholly and exclusively to earn the receipts. Where the return was filed on time and the expenditure details were accepted on record, assessment had to reflect only the just tax liability and not impose an unjust charge by mechanically taxing gross receipts. en-us Thu, 06 Mar 2025 00:00:00 +0530 Wed, 17 Jun 2026 19:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469440 Gross receipts could not be taxed as total income under section 143(1) without allowing corresponding revenue expenditure disclosed in the return. The Tribunal held that filing the return in the wrong form, or failing to file a revised return, was only a technical lapse and did not justify ignoring expenditure incurred wholly and exclusively to earn the receipts. Where the return was filed on time and the expenditure details were accepted on record, assessment had to reflect only the just tax liability and not impose an unjust charge by mechanically taxing gross receipts. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469440