https://www.taxtmi.com/caselaws?id=260588 The Tribunal dismissed the assessee's appeal, ruling that interest on borrowed capital invested in shares cannot be treated as part of the cost of acquisition or improvement. Additionally, unproved credits by way of business liabilities were deemed as income under Section 41(1) of the Income Tax Act. The Tribunal emphasized that post-acquisition interest costs are not considered part of the asset's cost and that the burden of proof regarding the existence of liabilities rested with the assessee, who failed to provide sufficient evidence. en-us Fri, 22 May 2015 00:00:00 +0530 Sat, 05 Mar 2016 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260588 The Tribunal dismissed the assessee's appeal, ruling that interest on borrowed capital invested in shares cannot be treated as part of the cost of acquisition or improvement. Additionally, unproved credits by way of business liabilities were deemed as income under Section 41(1) of the Income Tax Act. The Tribunal emphasized that post-acquisition interest costs are not considered part of the asset's cost and that the burden of proof regarding the existence of liabilities rested with the assessee, who failed to provide sufficient evidence. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260588