https://www.taxtmi.com/caselaws?id=151732 Interest on borrowings used to acquire shares as long-term investments was not deductible under section 36(1)(iii), because mere investment activity did not establish a real, substantial, systematic business of holding investments and the related income had to be computed under the appropriate head. The Tribunal upheld the disallowance of the interest claim and rejected any set-off against other income. An ad hoc disallowance linked to exempt dividend income was not justified on the facts and was deleted, granting the assessee partial relief. en-us Thu, 23 Aug 2007 00:00:00 +0530 Mon, 05 Feb 2024 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151732 Interest on borrowings used to acquire shares as long-term investments was not deductible under section 36(1)(iii), because mere investment activity did not establish a real, substantial, systematic business of holding investments and the related income had to be computed under the appropriate head. The Tribunal upheld the disallowance of the interest claim and rejected any set-off against other income. An ad hoc disallowance linked to exempt dividend income was not justified on the facts and was deleted, granting the assessee partial relief. Case-Laws Income Tax Thu, 23 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151732