https://www.taxtmi.com/caselaws?id=169520 Interest on money borrowed specifically to acquire shares was treated as allowable against other income under the statutory set-off provisions, even though the shares did not yield dividend income in the relevant years. The analysis focused on the purpose of the borrowing and the application of section 24(1) read with section 12(2) of the Income-tax Act, rather than on any ulterior motive or the fact that the shares were regarded as investments. On that construction, the absence of dividend did not defeat the deduction, and the borrowing remained linked to earning income or profits. en-us Mon, 27 Oct 1958 00:00:00 +0530 Fri, 24 Apr 2015 18:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169520 Interest on money borrowed specifically to acquire shares was treated as allowable against other income under the statutory set-off provisions, even though the shares did not yield dividend income in the relevant years. The analysis focused on the purpose of the borrowing and the application of section 24(1) read with section 12(2) of the Income-tax Act, rather than on any ulterior motive or the fact that the shares were regarded as investments. On that construction, the absence of dividend did not defeat the deduction, and the borrowing remained linked to earning income or profits. Case-Laws Income Tax Mon, 27 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169520