https://www.taxtmi.com/caselaws?id=470807 Disallowance of expenditure against exempt dividend income requires a cogent factual basis, supporting material, and a demonstrated nexus between the expenditure and the exempt income. An estimated proportionate allocation is not sustainable where the taxpayer has varied business activities, substantial transaction volume, and factual findings do not justify attributing expenses to dividend income. The proposed proportionate disallowance therefore fails for lack of an evidenced basis. en-us Tue, 15 Jul 2008 00:00:00 +0530 Mon, 10 Aug 2026 17:38:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470807 Disallowance of expenditure against exempt dividend income requires a cogent factual basis, supporting material, and a demonstrated nexus between the expenditure and the exempt income. An estimated proportionate allocation is not sustainable where the taxpayer has varied business activities, substantial transaction volume, and factual findings do not justify attributing expenses to dividend income. The proposed proportionate disallowance therefore fails for lack of an evidenced basis. Case-Laws Income Tax Tue, 15 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470807