TMI Blog2019 (9) TMI 1713X X X X Extracts X X X X X X X X Extracts X X X X ..... registration u/s 12AA of the Act was not available to the assessee during the year under consideration. Therefore, income of the assessee has to be computed commercially by allowing all the expenditure for earning the income. In other words, the total expenditure incurred by the assessee for earning the income has to be reduced and whatever remains has to be brought for taxation. As rightly su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Member For the Appellant : Shri G. Baskar, Advocate For the Respondent : Shri Sridhar Dora, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: Both the appeals of the assessee are directed against the respective orders of the Commissioner of Income Tax (Appeals), Salem, for the assessment year 2013-14. Since common issue arises for consideration in both the appeals, we heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return, the claim of deduction under Section 11 of the Act was rejected and the entire receipt of money without considering the expenditure was taken as income and tax was levied. According to the Ld. counsel, the assessee filed petition under Section 154 of the Act which was rejected by the Assessing Officer. For the subsequent year, registration was granted under Section 12AA of the Act. Accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dhar Dora, the Ld. Departmental Representative also. We find some substance in the submission of the Ld.counsel for the assessee. Admittedly, registration under Section 12AA of the Act was not available to the assessee during the year under consideration. Therefore, income of the assessee has to be computed commercially by allowing all the expenditure for earning the income. In other words, the to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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