https://www.taxtmi.com/caselaws?id=252865 The High Court of Bombay dismissed the appeal, upholding the tribunal's decision on both issues. Regarding the disallowance of expenditure in earning dividend income, the court found the tribunal's application of a reasonable estimation of expenditure to be correct, following the precedent set in a relevant case. Concerning the correctness and completeness of the assessee's accounts under section 145, the court criticized the assessing officer's high-handed and arbitrary rejection of the books of account, emphasizing the importance of proper adherence to statutory provisions. The court concluded that there were no substantial questions of law warranting interference in its appellate jurisdiction. en-us Thu, 25 Sep 2014 00:00:00 +0530 Thu, 06 Nov 2014 05:52:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252865 The High Court of Bombay dismissed the appeal, upholding the tribunal's decision on both issues. Regarding the disallowance of expenditure in earning dividend income, the court found the tribunal's application of a reasonable estimation of expenditure to be correct, following the precedent set in a relevant case. Concerning the correctness and completeness of the assessee's accounts under section 145, the court criticized the assessing officer's high-handed and arbitrary rejection of the books of account, emphasizing the importance of proper adherence to statutory provisions. The court concluded that there were no substantial questions of law warranting interference in its appellate jurisdiction. Case-Laws Income Tax Thu, 25 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252865