https://www.taxtmi.com/caselaws?id=221451 Where a company's memorandum, financing pattern and share-holding activity show a continuing business of investing in, buying, selling and dealing in shares, borrowings used to acquire those shares are treated as for business purposes and the related interest is deductible. The classification of share-sale proceeds in the accounts does not control their true character; substance prevails over accounting nomenclature. On that basis, interest on borrowed funds was allowable as a business deduction and the share transaction receipts were assessed as business income, with no interference warranted where the Tribunal's view was not shown to be perverse. en-us Thu, 27 Sep 2012 00:00:00 +0530 Tue, 12 Mar 2013 05:05:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221451 Where a company's memorandum, financing pattern and share-holding activity show a continuing business of investing in, buying, selling and dealing in shares, borrowings used to acquire those shares are treated as for business purposes and the related interest is deductible. The classification of share-sale proceeds in the accounts does not control their true character; substance prevails over accounting nomenclature. On that basis, interest on borrowed funds was allowable as a business deduction and the share transaction receipts were assessed as business income, with no interference warranted where the Tribunal's view was not shown to be perverse. Case-Laws Income Tax Thu, 27 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221451