Net income v. Gross receipts : Where assessee, an educational institution, moved an application under section 154 claiming exemption on entirety of its gross receipt under section 11 and since assessee’s final accounts reflected a loss on operations which were mistakenly returned as income, matter was to be remanded to Assessing Officer for taking on record audited final accounts on basis of which assessee had returned income and then passing an order under section 154 – Nehru Memorial Education Society v. Income-tax Officer (Exemptions) – [2024] 161 taxmann.com 312 (Cochin – Trib.)