https://www.taxtmi.com/caselaws?id=207941 The ITAT ruled in favor of the appellant, allowing the interest paid for acquiring shares to be considered as part of the cost of acquisition under section 48 of the Income Tax Act. The decision emphasized the direct nexus between the borrowed funds and the acquisition of shares, permitting the appellant to claim the entire interest paid despite the shares not being fully allotted. The dismissal of the levy of interest under section 234D further contributed to the partial allowance of the appeal. en-us Mon, 22 Feb 2010 00:00:00 +0530 Fri, 30 Dec 2011 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207941 The ITAT ruled in favor of the appellant, allowing the interest paid for acquiring shares to be considered as part of the cost of acquisition under section 48 of the Income Tax Act. The decision emphasized the direct nexus between the borrowed funds and the acquisition of shares, permitting the appellant to claim the entire interest paid despite the shares not being fully allotted. The dismissal of the levy of interest under section 234D further contributed to the partial allowance of the appeal. Case-Laws Income Tax Mon, 22 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207941