https://www.taxtmi.com/caselaws?id=184069 The High Court upheld the Tribunal's decision regarding the deduction of interest under Section 57(iii) of the Income Tax Act, 1961. The Court found that the investment in shares was not for controlling the company but a straightforward investment for income-earning purposes. The Court emphasized the need to assess the purpose of investment based on the facts of the case, ultimately affirming the allowance of the deduction of interest paid on borrowed funds linked to the share acquisition. en-us Mon, 20 Feb 2006 00:00:00 +0530 Tue, 28 Jun 2016 18:43:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184069 The High Court upheld the Tribunal's decision regarding the deduction of interest under Section 57(iii) of the Income Tax Act, 1961. The Court found that the investment in shares was not for controlling the company but a straightforward investment for income-earning purposes. The Court emphasized the need to assess the purpose of investment based on the facts of the case, ultimately affirming the allowance of the deduction of interest paid on borrowed funds linked to the share acquisition. Case-Laws Income Tax Mon, 20 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184069