https://www.taxtmi.com/caselaws?id=169521 Interest paid on borrowed funds used to acquire shares was treated as a deductible outgoing in computing income from that source, even though no dividend was received during the relevant year. The Court accepted that the absence of credit-side income did not prevent recognition of the interest expense, and that any resulting loss could be set off against income under other heads. The assessee was therefore entitled to deduction of the interest and adjustment of the loss against other taxable income. en-us Fri, 29 Apr 1960 00:00:00 +0530 Fri, 24 Apr 2015 18:13:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169521 Interest paid on borrowed funds used to acquire shares was treated as a deductible outgoing in computing income from that source, even though no dividend was received during the relevant year. The Court accepted that the absence of credit-side income did not prevent recognition of the interest expense, and that any resulting loss could be set off against income under other heads. The assessee was therefore entitled to deduction of the interest and adjustment of the loss against other taxable income. Case-Laws Income Tax Fri, 29 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169521