Net taxable income after charitable-exemption denial requires verification of admissible expenditure rather than taxation of gross receipts.

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....Denial of charitable exemption under section 11 does not by itself justify taxing an educational trust's entire gross receipts. Taxable income must ordinarily reflect real income, determined after verification and allowance of genuine expenditure otherwise admissible in law, unless a provision requires taxation on a gross basis. The computation was restored to the assessing authority to examine the books and determine net taxable income after verifying the claimed expenditure; the appeal was partly allowed for statistical purposes.....