https://www.taxtmi.com/caselaws?id=19964 The High Court upheld the Tribunal's decision to allocate expenses proportionately for an assessee deriving income from various sources, including exempt and taxable income. The Court ruled that if expenditure is incurred to earn income from different sources, the portion related to taxable income is allowable under section 37. Without evidence supporting full expense allowance, the proportional allocation of expenses was deemed appropriate. Citing precedents, the Court concluded in favor of the Revenue, affirming the Tribunal's decision and denying the assessee's appeal. en-us Tue, 09 Nov 1993 00:00:00 +0530 Tue, 10 Nov 2009 18:19:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19964 The High Court upheld the Tribunal's decision to allocate expenses proportionately for an assessee deriving income from various sources, including exempt and taxable income. The Court ruled that if expenditure is incurred to earn income from different sources, the portion related to taxable income is allowable under section 37. Without evidence supporting full expense allowance, the proportional allocation of expenses was deemed appropriate. Citing precedents, the Court concluded in favor of the Revenue, affirming the Tribunal's decision and denying the assessee's appeal. Case-Laws Income Tax Tue, 09 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19964