https://www.taxtmi.com/caselaws?id=210058 HC upheld disallowance of a proportionate amount of interest expenditure where the assessee failed to prove the source of funds used to acquire shares generating exempt income. The court held the onus was on the assessee to produce documentary evidence showing the shares were purchased from own funds or that any historical loan used to buy them had been repaid such that no interest was attributable to the relevant assessment year. In the absence of such materials, the assessing authority's proportionate disallowance was reasonable; decision against the assessee. en-us Tue, 19 Apr 2011 00:00:00 +0530 Fri, 22 Aug 2025 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210058 HC upheld disallowance of a proportionate amount of interest expenditure where the assessee failed to prove the source of funds used to acquire shares generating exempt income. The court held the onus was on the assessee to produce documentary evidence showing the shares were purchased from own funds or that any historical loan used to buy them had been repaid such that no interest was attributable to the relevant assessment year. In the absence of such materials, the assessing authority's proportionate disallowance was reasonable; decision against the assessee. Case-Laws Income Tax Tue, 19 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210058