https://www.taxtmi.com/caselaws?id=75604 The HC dismissed the appeals and affirmed the Tribunal's allowance of interest deduction, holding that the object of the loan is irrelevant and interest attributable to funds used for acquiring shares must be allowed even though initially shown as investments, since subsequent balance-sheets classified the shares as stock-in-trade. The court found the Assessing Officer and CIT(A) erred in treating the amounts as remaining investments and thus interfering was unnecessary; the Tribunal's view permitting the deduction was upheld. en-us Thu, 22 Jan 2009 00:00:00 +0530 Fri, 14 Nov 2025 17:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75604 The HC dismissed the appeals and affirmed the Tribunal's allowance of interest deduction, holding that the object of the loan is irrelevant and interest attributable to funds used for acquiring shares must be allowed even though initially shown as investments, since subsequent balance-sheets classified the shares as stock-in-trade. The court found the Assessing Officer and CIT(A) erred in treating the amounts as remaining investments and thus interfering was unnecessary; the Tribunal's view permitting the deduction was upheld. Case-Laws Income Tax Thu, 22 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75604