https://www.taxtmi.com/caselaws?id=182694 The Tribunal partially allowed the appeal, permitting the deduction of interest as a business expense and recognizing the loss on the sale of shares. The disallowances related to deemed dividend and penalty proceedings were dismissed. The Tribunal held that the interest on borrowed capital was allowable under sections 36(1)(iii) and 37(1) as the assessee was engaged in business activities. Additionally, the Tribunal found the sale of shares to be genuine, allowing the claimed loss under section 45(3). en-us Wed, 23 Apr 2003 00:00:00 +0530 Tue, 17 May 2016 18:55:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182694 The Tribunal partially allowed the appeal, permitting the deduction of interest as a business expense and recognizing the loss on the sale of shares. The disallowances related to deemed dividend and penalty proceedings were dismissed. The Tribunal held that the interest on borrowed capital was allowable under sections 36(1)(iii) and 37(1) as the assessee was engaged in business activities. Additionally, the Tribunal found the sale of shares to be genuine, allowing the claimed loss under section 45(3). Case-Laws Income Tax Wed, 23 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182694