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2013 (4) TMI 418 - ITAT CUTTACKTaxation of net income instead of gross receipt and Hundi Collection - As per revenue assessee society was not registered u/s.12A thus the provisions of section 11 are not applicable - Held that:- As the assessee has not preferred registration u/s.12A for the impugned AY and was therefore considered by the CIT(A) that the activities carried out by the assessee whether charitable or not were to be allowed expenditure on the basis of nature of expenditure claimed as per the financial statements produced before the authorities below. It was not the case of the CIT(A) to grant exemption u/s.11 insofar as the assessee had not been granted registration u/s.12A. But the CIT(A) in his turn had considered the total receipts which were not part of the business income directing the AO to allow the expenses carried out by the assessee from such receipts which we are inclined to uphold. The assessee respondent's objection to tax NIL income thereafter is unjustified insofar as he had filed the NIL return in the first place holding a view that the receipts should not be taxed alone. The CIT(A) therefore, rightly directed the AO to tax the excess of income over expenditure amounting which we are inclined to uphold. The assessee respondent has supported the order of the CIT(A) in this respect therefore requires no further adjudication. Appeal of the Revenue dismissed.
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