https://www.taxtmi.com/caselaws?id=325791 The Court allowed the deduction of interest expenditure for a share broking business under Section 37(1) of the Income Tax Act, rejecting the Revenue's contention. The addition of expenses related to exempt dividend income under Section 14A was deleted as the shares were held as stock in trade. The taxability of party brokerage income was deemed non-taxable based on consistent treatment. Interest on securities was not taxable on an accrual basis. The appeal was admitted on the deduction of interest expenditure issue, while other issues did not raise substantial legal questions. en-us Mon, 21 Mar 2016 00:00:00 +0530 Tue, 29 Mar 2016 10:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325791 The Court allowed the deduction of interest expenditure for a share broking business under Section 37(1) of the Income Tax Act, rejecting the Revenue's contention. The addition of expenses related to exempt dividend income under Section 14A was deleted as the shares were held as stock in trade. The taxability of party brokerage income was deemed non-taxable based on consistent treatment. Interest on securities was not taxable on an accrual basis. The appeal was admitted on the deduction of interest expenditure issue, while other issues did not raise substantial legal questions. Case-Laws Income Tax Mon, 21 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325791