2013 (7) TMI 260 - HC - Income Tax

Computation of expenditure - Held that - The assessee did not show any expenditure incurred by him for the purpose of earning the money which is exempted under the income tax. The Tribunal has computed expenditure at 1 per cent of such dividend income which, according to them, is the thumb rule applied consistently - No reason to interfere - Decided in favour of Assessee.

Summary

The High Court of Calcutta dismissed the appeal as the assessee did not show any expenditure incurred for earning exempted income, with the Tribunal computing expenditure at 1% of the dividend income.