https://www.taxtmi.com/caselaws?id=472248 Section 11 exemption requires valid registration under section 12A or 12AB for the relevant assessment year; provisional registration effective only from a later year does not satisfy that condition. Where charitable exemption is unavailable, taxable income cannot be assessed on gross receipts alone. Income must be computed on ordinary commercial accounting principles after verification of expenditure incurred wholly and exclusively for earning the receipts. Legitimate verified expenditure must be allowed, and tax liability confined to the resulting net income, if any. en-us Tue, 30 Dec 2025 00:00:00 +0530 Mon, 05 Oct 2026 19:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472248 Section 11 exemption requires valid registration under section 12A or 12AB for the relevant assessment year; provisional registration effective only from a later year does not satisfy that condition. Where charitable exemption is unavailable, taxable income cannot be assessed on gross receipts alone. Income must be computed on ordinary commercial accounting principles after verification of expenditure incurred wholly and exclusively for earning the receipts. Legitimate verified expenditure must be allowed, and tax liability confined to the resulting net income, if any. Case-Laws Income Tax Tue, 30 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472248