https://www.taxtmi.com/caselaws?id=802531 Denial of charitable exemption under Section 11 for lack of registration does not by itself justify taxing a trust's gross receipts. Taxable income must be computed after allowing expenditure admissible under the applicable provisions. Where income is assessed under the residual head, Section 57 requires consideration of eligible expenditure. The resulting net income, rather than gross receipts, is taxable, subject to the applicable deduction rules. en-us Wed, 07 Oct 2026 00:00:00 +0530 Sat, 07 Nov 2026 08:22:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802531 Denial of charitable exemption under Section 11 for lack of registration does not by itself justify taxing a trust's gross receipts. Taxable income must be computed after allowing expenditure admissible under the applicable provisions. Where income is assessed under the residual head, Section 57 requires consideration of eligible expenditure. The resulting net income, rather than gross receipts, is taxable, subject to the applicable deduction rules. Case-Laws Income Tax Wed, 07 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802531