Charging tax on entire gross receipts without deducting expenditure is unjustifiable

H M V Educational Cultural & Social Trust Vs ITO (ITAT Bangalore) ITAT Bangalore held that charging the income tax on the entire gross receipts without giving effect of the expenditures incurred by the assessee towards earning of the income. Facts- The assessee is a Trust registered u/s. 12A of the I.T. Act, 1961. The assessee filed return of income on 19.03.2019 claiming exemption u/s. 12AA of the Act. The assessee Trust is running educational institution since 2008. The return was processed u/s. 143(1) of the Act by the CPC on 17.10.2019 by adopting the gross total income of Rs. 10,22,94...