https://www.taxtmi.com/caselaws?id=6980 An exemption notification was construed on its own terms, so dividend income covered by the notification was fully exempt from super-tax and was not reduced by any proportionate share of business expenses or losses. Where the assessee carried on a single business yielding both exempt and taxable income, allowable business expenditure could not be apportioned merely because part of the receipts was exempt; the full allowable expenditure or loss had to be deducted against the taxable income. The reference was therefore answered in favour of the assessee on both issues. en-us Mon, 11 Sep 1967 00:00:00 +0530 Sat, 07 Feb 2009 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6980 An exemption notification was construed on its own terms, so dividend income covered by the notification was fully exempt from super-tax and was not reduced by any proportionate share of business expenses or losses. Where the assessee carried on a single business yielding both exempt and taxable income, allowable business expenditure could not be apportioned merely because part of the receipts was exempt; the full allowable expenditure or loss had to be deducted against the taxable income. The reference was therefore answered in favour of the assessee on both issues. Case-Laws Income Tax Mon, 11 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6980