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2009 (4) TMI 942 - HC - Income Tax
Extract:
....... the basis of a mere estimate as to what possibly could have been incurred to earn income exempted from tax. The Tribunal records no evidence has been brought on record to show that the impugned expenditure was incurred to earn exempted income, thus meriting disallowance. 4. No substantial questions of law arise for our consideration. 5. Dismissed.