https://www.taxtmi.com/caselaws?id=248013 The High Court upheld the Tribunal's decision regarding the disallowance of interest on borrowed funds for investment in bonds and the classification of gains from the sale of bonds as long-term capital gains. The Court held that deductions under Section 57(iii) are permissible even if income is not earned, as long as the expenditure is for the purpose of earning income. The Court relied on Supreme Court precedents and found no error in the Tribunal's interpretation. The revenue's appeals were dismissed, with no costs awarded. en-us Wed, 07 May 2014 00:00:00 +0530 Thu, 29 May 2014 10:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248013 The High Court upheld the Tribunal's decision regarding the disallowance of interest on borrowed funds for investment in bonds and the classification of gains from the sale of bonds as long-term capital gains. The Court held that deductions under Section 57(iii) are permissible even if income is not earned, as long as the expenditure is for the purpose of earning income. The Court relied on Supreme Court precedents and found no error in the Tribunal's interpretation. The revenue's appeals were dismissed, with no costs awarded. Case-Laws Income Tax Wed, 07 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248013