https://www.taxtmi.com/caselaws?id=800558 Denial of exemption under Section 11 does not permit automatic taxation of an entity's entire gross receipts. Exemption eligibility and income computation are distinct: where exemption is unavailable, taxable income must still be determined under the applicable provisions on a real-income basis. Unless a specific provision requires gross-basis taxation, legitimate expenditure incurred to earn the receipts must be verified for its nature, genuineness and legal admissibility, then allowed in computing net taxable income. en-us Thu, 10 Sep 2026 00:00:00 +0530 Thu, 08 Oct 2026 08:45:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800558 Denial of exemption under Section 11 does not permit automatic taxation of an entity's entire gross receipts. Exemption eligibility and income computation are distinct: where exemption is unavailable, taxable income must still be determined under the applicable provisions on a real-income basis. Unless a specific provision requires gross-basis taxation, legitimate expenditure incurred to earn the receipts must be verified for its nature, genuineness and legal admissibility, then allowed in computing net taxable income. Case-Laws Income Tax Thu, 10 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800558