https://www.taxtmi.com/caselaws?id=333193 The court ruled in favor of the appellant/assessee, allowing the appeal and setting aside the Tribunal's decision. It held that the deduction for interest on money borrowed for investment in shares is admissible under Section 57(iii) regardless of whether the shares yielded dividends. The court determined that the shares were acquired for the purpose of making or earning income, not solely for acquiring control over the company. The court emphasized that the motive behind the expenditure is irrelevant as long as the purpose is income generation. en-us Mon, 03 Oct 2016 00:00:00 +0530 Wed, 15 Mar 2017 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333193 The court ruled in favor of the appellant/assessee, allowing the appeal and setting aside the Tribunal's decision. It held that the deduction for interest on money borrowed for investment in shares is admissible under Section 57(iii) regardless of whether the shares yielded dividends. The court determined that the shares were acquired for the purpose of making or earning income, not solely for acquiring control over the company. The court emphasized that the motive behind the expenditure is irrelevant as long as the purpose is income generation. Case-Laws Income Tax Mon, 03 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333193