https://www.taxtmi.com/caselaws?id=201997 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the addition of Rs.1,24,96,574, emphasizing that the assessee did not aim to acquire control over the business of a specific company with its shareholding percentage. The Tribunal found that the interest paid on borrowings for purchasing shares and debentures was allowable as it was utilized for earning interest, dividends, and other business purposes. Consequently, the High Court dismissed both appeals at the admission stage, as the shares were not purchased to acquire controlling rights but for non-business purposes like earning interest and dividends. en-us Tue, 15 Jan 2008 00:00:00 +0530 Fri, 28 Dec 2012 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201997 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the addition of Rs.1,24,96,574, emphasizing that the assessee did not aim to acquire control over the business of a specific company with its shareholding percentage. The Tribunal found that the interest paid on borrowings for purchasing shares and debentures was allowable as it was utilized for earning interest, dividends, and other business purposes. Consequently, the High Court dismissed both appeals at the admission stage, as the shares were not purchased to acquire controlling rights but for non-business purposes like earning interest and dividends. Case-Laws Income Tax Tue, 15 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201997