https://www.taxtmi.com/caselaws?id=38602 The High Court of Calcutta ruled that expenditure should not be apportioned between different heads of income for taxation purposes in a case involving an investment company dealing in shares. The Court held that as the dividend income was part of the business profit and the expenses were incurred in the course of an indivisible trade, they should not be bifurcated. The decision was based on the principle that expenditure should be deducted from gross income to determine net income, aligning with relevant sections of the Income-tax Act. The judgment favored the revenue, rejecting the apportionment of expenses between income heads. en-us Thu, 24 Nov 1977 00:00:00 +0530 Wed, 07 Apr 2010 15:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38602 The High Court of Calcutta ruled that expenditure should not be apportioned between different heads of income for taxation purposes in a case involving an investment company dealing in shares. The Court held that as the dividend income was part of the business profit and the expenses were incurred in the course of an indivisible trade, they should not be bifurcated. The decision was based on the principle that expenditure should be deducted from gross income to determine net income, aligning with relevant sections of the Income-tax Act. The judgment favored the revenue, rejecting the apportionment of expenses between income heads. Case-Laws Income Tax Thu, 24 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38602