https://www.taxtmi.com/caselaws?id=64165 Interest on borrowings used to acquire shares was treated as business expenditure under section 36(1)(iii), not as expenditure incurred wholly and exclusively for earning dividend income under section 57(iii), even though the dividends were assessable under the head of income from other sources. The later insertion of section 80AA did not alter that position. On this reasoning, share transfer expenses and borrowing-related interest were not deductible against dividend receipts for section 57(iii) purposes, and deduction under section 80M was to be computed with reference to gross dividend income, without first netting out such business expenditure. en-us Sat, 25 Aug 1984 00:00:00 +0530 Sat, 05 Feb 2011 12:08:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64165 Interest on borrowings used to acquire shares was treated as business expenditure under section 36(1)(iii), not as expenditure incurred wholly and exclusively for earning dividend income under section 57(iii), even though the dividends were assessable under the head of income from other sources. The later insertion of section 80AA did not alter that position. On this reasoning, share transfer expenses and borrowing-related interest were not deductible against dividend receipts for section 57(iii) purposes, and deduction under section 80M was to be computed with reference to gross dividend income, without first netting out such business expenditure. Case-Laws Income Tax Sat, 25 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64165