Tag Archives: IN THE ITAT CHENNAI BENCH ‘B’

Denial of Section 11 Exemption Requires Computing Net Income, Not Taxing Gross Receipts

By | October 2, 2026
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Denial of Section 11 Exemption Requires Computing Net Income, Not Taxing Gross Receipts Issue Whether the denial of Section 11 exemption due to non-filing of Form 10BB permits the Assessing Officer to tax the trust’s entire gross receipts without allowing statutory expenditures and properly computing the net taxable income. Facts Assessee Profile: The assessee is… Read More »

Cash deposits during demonetization cannot be taxed under Section 69A when bank credits are accepted as business turnover.

By | September 21, 2026
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Cash deposits during demonetization cannot be taxed under Section 69A when bank credits are accepted as business turnover. Issue Whether cash deposits made during the demonetization period in a business bank account can be separately carved out and taxed in their entirety as unexplained money under Section 69A, when the Revenue accepts that the bank… Read More »