https://www.taxtmi.com/caselaws?id=26915 Where shares are held as trading stock and there is no reliable basis to separate an investment block, expenditure incurred for the assessee's income cannot be apportioned to reduce dividend income. The High Court further construed section 235 of the Income-tax Act, 1961 as requiring relief to be computed on the gross dividend actually received and brought to tax, without deducting proportionate expenses. Applying the earlier construction of the corresponding provision in the 1922 Act, the reference was answered in favour of the assessee on both issues. en-us Wed, 15 May 1985 00:00:00 +0530 Tue, 09 Feb 2010 12:48:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26915 Where shares are held as trading stock and there is no reliable basis to separate an investment block, expenditure incurred for the assessee's income cannot be apportioned to reduce dividend income. The High Court further construed section 235 of the Income-tax Act, 1961 as requiring relief to be computed on the gross dividend actually received and brought to tax, without deducting proportionate expenses. Applying the earlier construction of the corresponding provision in the 1922 Act, the reference was answered in favour of the assessee on both issues. Case-Laws Income Tax Wed, 15 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26915