https://www.taxtmi.com/caselaws?id=176402 The appeal involved a dispute over the treatment of interest in the computation of capital gains for the assessment year 2004-05. The Tribunal allowed the deduction for interest paid on borrowed funds used for acquiring shares, considering the direct nexus between the borrowed funds and the shares acquired. It relied on precedents from the Madras High Court and the Mumbai Bench of ITAT to support its decision. The appeal was partly allowed, directing the re-computation of capital gains to include the deduction for interest paid, while dismissing another ground related to the computation of long-term capital gains on the sale of shares of a specific company. en-us Tue, 29 Mar 2011 00:00:00 +0530 Tue, 22 Dec 2015 10:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176402 The appeal involved a dispute over the treatment of interest in the computation of capital gains for the assessment year 2004-05. The Tribunal allowed the deduction for interest paid on borrowed funds used for acquiring shares, considering the direct nexus between the borrowed funds and the shares acquired. It relied on precedents from the Madras High Court and the Mumbai Bench of ITAT to support its decision. The appeal was partly allowed, directing the re-computation of capital gains to include the deduction for interest paid, while dismissing another ground related to the computation of long-term capital gains on the sale of shares of a specific company. Case-Laws Income Tax Tue, 29 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176402