https://www.taxtmi.com/caselaws?id=39004 The High Court ruled in favor of the revenue in all three income-tax references, holding that the Tribunal's decision allowing exemption on the entire gross profit from non-taxable activities without deducting proportionate expenses was erroneous. The Court emphasized the need to compute total income, apportion expenses between taxable and non-taxable activities, and then apply the exemption under Section 81(1)(d) read with Section 110. The assessee was required to deduct proportionate overhead expenses before claiming exemption on profits from non-taxable activities. en-us Wed, 03 Sep 1975 00:00:00 +0530 Sat, 10 Apr 2010 18:21:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39004 The High Court ruled in favor of the revenue in all three income-tax references, holding that the Tribunal's decision allowing exemption on the entire gross profit from non-taxable activities without deducting proportionate expenses was erroneous. The Court emphasized the need to compute total income, apportion expenses between taxable and non-taxable activities, and then apply the exemption under Section 81(1)(d) read with Section 110. The assessee was required to deduct proportionate overhead expenses before claiming exemption on profits from non-taxable activities. Case-Laws Income Tax Wed, 03 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39004