https://www.taxtmi.com/caselaws?id=66390 Borrowings used for acquiring shares in the course of a share-investment business were held to qualify for interest deduction under section 36(1)(iii), because the assessee's business objects, NBFC status and consistent borrowing pattern showed a business purpose. The share acquisitions were part of the assessee's business activity, so the interest expenditure was allowable. On the same factual setting, profits from sale of shares were required to be assessed as business income and not as capital gains, since the transactions formed part of the business deployment of funds rather than a separate capital asset realisation. en-us Thu, 31 Jul 2008 00:00:00 +0530 Tue, 07 Aug 2012 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66390 Borrowings used for acquiring shares in the course of a share-investment business were held to qualify for interest deduction under section 36(1)(iii), because the assessee's business objects, NBFC status and consistent borrowing pattern showed a business purpose. The share acquisitions were part of the assessee's business activity, so the interest expenditure was allowable. On the same factual setting, profits from sale of shares were required to be assessed as business income and not as capital gains, since the transactions formed part of the business deployment of funds rather than a separate capital asset realisation. Case-Laws Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66390