Charitable Trust acking 12A registration cannot be taxed on gross receipt: ITAT Delhi

Tripura Bambu and Cane Development Centre Vs ITO (ITAT Delhi) No 12A Registration ≠ Gross Receipts Tax: ITAT Delhi Directs Tax Only on Surplus  Delhi ITAT   held that even where a charitable institution is not registered u/s 12A, the Revenue cannot assess its entire gross receipts as income. The Tribunal applied the real income theory and reiterated that only the surplus (receipts minus expenses) can be brought to tax, even if the assessee is assessed as an AOP. The ITAT noted that the books of account were neither rejected nor disputed, and in earlier as well as subsequent assessment yea...