https://www.taxtmi.com/caselaws?id=175683 The High Court held that the interest paid on borrowings by the assessee could not be deducted from dividend income under Section 12(2) of the Income-tax Act. The Court emphasized that the interest was incurred for the business of trading in shares and securities, not solely for earning dividend income. Therefore, the deduction was disallowed, and the assessee was directed to pay the costs of the Commissioner. en-us Tue, 15 Feb 1966 00:00:00 +0530 Wed, 02 Dec 2015 15:55:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175683 The High Court held that the interest paid on borrowings by the assessee could not be deducted from dividend income under Section 12(2) of the Income-tax Act. The Court emphasized that the interest was incurred for the business of trading in shares and securities, not solely for earning dividend income. Therefore, the deduction was disallowed, and the assessee was directed to pay the costs of the Commissioner. Case-Laws Income Tax Tue, 15 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175683