2014 (6) TMI 929

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..... 2002-2003 respectively the following substantial questions of law arise for consideration: In ITA No.382/2010, "Whether the tribunal was correct in holding that no expenditure that no expenditure can be attributed to the exempted income of Rs. 227,14,06,572/- earned by the assesse by reversing the finding of the Assessing Officer who had estimated the expense at Rs. 9,49,50,716/- which was redu .....

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..... ning the dividend income, no national expenditure could could be deducted from the said income. Though benefit u/s. 80m is granted on the net income, when no expenditure is incurred in earning the dividend income, the gross income would become the net income. Thus, there is no scope for any estimation being made or any amount being deducted as notional expenditure. 12.In the instant case, facts s .....

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..... e is incurred in earning the said income. The discussion by the assessing authority clearly demonstrates these aspects has not been taken note of and the notional expenditure is calculated pre modernization. Therefore, in the light of the aforesaid Judgement, when the assessee has not incurred any expenditure for realizing this income, the question of holf=ding that 2% of the gross total income is .....

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