2008 (7) TMI 1137

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.... For the Respondent : None ORDER This appeal filed by the revenue 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 cla....

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....ire material on record and the rival submissions. The AO has not assigned 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 ju....