https://www.taxtmi.com/caselaws?id=244202 The Court ruled in favor of the assessee in both issues. Regarding the deduction under Section 57(iii) of the Income Tax Act for interest on borrowed funds used for share investment, the Court held that as long as the investment was made for income generation, the expenditure should be allowed, disagreeing with the Assessing Officer and Tribunal. Concerning the disallowance of 1/5th depreciation on motor cars hired out under Section 38(2), the Court found the disallowance arbitrary and unsupported by circumstances, as the cars were hired out for profit and not used by the directors for personal purposes. en-us Mon, 10 Feb 2014 00:00:00 +0530 Sat, 05 Apr 2014 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244202 The Court ruled in favor of the assessee in both issues. Regarding the deduction under Section 57(iii) of the Income Tax Act for interest on borrowed funds used for share investment, the Court held that as long as the investment was made for income generation, the expenditure should be allowed, disagreeing with the Assessing Officer and Tribunal. Concerning the disallowance of 1/5th depreciation on motor cars hired out under Section 38(2), the Court found the disallowance arbitrary and unsupported by circumstances, as the cars were hired out for profit and not used by the directors for personal purposes. Case-Laws Income Tax Mon, 10 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244202