https://www.taxtmi.com/caselaws?id=75399 The court dismissed the appellant's claim for interest deduction on amounts borrowed for purchasing shares, upholding the assessing authority and Tribunal's decision. The court found that the specific provisions of the Income-tax Act, including sections 10(33) and 14A, did not allow for the claimed deduction. Despite the appellant's reliance on a Supreme Court decision, the court held that the cited case law was inapplicable due to legislative changes. The court also rejected the appellant's argument regarding the lack of a hearing opportunity before the Tribunal's decision, affirming the Tribunal's justification based on the current legal framework. en-us Thu, 04 Jun 2009 00:00:00 +0530 Tue, 13 Apr 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75399 The court dismissed the appellant's claim for interest deduction on amounts borrowed for purchasing shares, upholding the assessing authority and Tribunal's decision. The court found that the specific provisions of the Income-tax Act, including sections 10(33) and 14A, did not allow for the claimed deduction. Despite the appellant's reliance on a Supreme Court decision, the court held that the cited case law was inapplicable due to legislative changes. The court also rejected the appellant's argument regarding the lack of a hearing opportunity before the Tribunal's decision, affirming the Tribunal's justification based on the current legal framework. Case-Laws Income Tax Thu, 04 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75399