2023 (12) TMI 24

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....lding the taxation of gross receipts of Rs. 19,79,297/-, without allowing the revenue expenses incurred of 20,61,140/- in as much as only income can be taxed and not the gross receipts under the facts and in the circumstances of the appellant's case. 2. Without prejudice to the above, the learned CIT[A] is not justified in disposing off the appeal without considering all the submissions made by the appellant and hence, the impugned order passed requires to be cancelled. 3. Without prejudice to the right to seek waiver with the Hon'ble CCIT/DG, the appellant denies itself liable to be charged to interest u/s. 234-A, 234-B and 234-C of the Act, which under the facts and in the circumstances of the appellant's cas....

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....s filed along with annexures filed before the FAA and the case law relied on. The learned AR submitted that the CPC has taken the entire receipts as income and taxed the same even though the assessee trust has a deficit of Rs. 81,843/- during the relevant Financial Year. It was submitted that only the net income can be brought to tax and not the gross. In this context, the learned AR relied on the order of the Bangalore Bench of the Tribunal in the case of M/s. H M V Educational Cultural and Social Trust Vs. ITO in ITA No.9/Bang/2023 (order dated 23.03.2023). 6. The learned Standing Counsel supported the order of the CIT(A). 7. I have heard the rival submissions and perused the material on record. During the course of hearing, on quer....