2008 (7) TMI 1005

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.... pertaining to the year 2001-2002 turns purely on facts and no substantial question of law arises. The assessee was running a business centre and was also engaged in other allied activities. The assessee also had dividend income in the year in question. The assessee claimed dividend income of Rs"14,08,184/-. Exemption was claimed in respect of this dividend income. The assessee, however, did not c....

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....d any cogent reason to disallow the proportionate expenditure. The AO could not have made further inquiry if the assessee did not furnish the required details. In any case, in absence of any material on record and without there being any basis for disallowance, the proportionate disallowance made on estimate basis cannot be justified. The contention of the assessee was that it was carrying on vari....