https://www.taxtmi.com/caselaws?id=126758 The SC held that interest paid for a broken period on purchased securities need not be treated as part of purchase price but may be allowed as revenue expenditure in the year of purchase. The Court found the assessee's accounting method did not cause loss of revenue and need not be disturbed; corresponding broken-period interest received should be taxed and broken-period interest paid allowed as a deduction, producing a neutral tax effect. The decision was in favour of the assessee and against the revenue. en-us Tue, 12 Aug 2008 00:00:00 +0530 Tue, 04 Nov 2025 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126758 The SC held that interest paid for a broken period on purchased securities need not be treated as part of purchase price but may be allowed as revenue expenditure in the year of purchase. The Court found the assessee's accounting method did not cause loss of revenue and need not be disturbed; corresponding broken-period interest received should be taxed and broken-period interest paid allowed as a deduction, producing a neutral tax effect. The decision was in favour of the assessee and against the revenue. Case-Laws Income Tax Tue, 12 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126758