https://www.taxtmi.com/caselaws?id=187486 The appeal involved the disallowance of interest expenses under section 57(111) for assessment years 2001-02 and 2002-03. The Hon'ble Bombay High Court remanded the issue for fresh consideration, distinguishing the case from previous judgments. Following relevant case laws, the Tribunal allowed the claim of the Assessee, stating that interest paid on borrowings for share purchase was deductible under the Income Tax Act. Consequently, the disallowance of interest sustained by the CIT(A) was deleted for both assessment years, ruling in favor of the assessee. en-us Wed, 04 Apr 2012 00:00:00 +0530 Mon, 24 Oct 2016 16:37:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187486 The appeal involved the disallowance of interest expenses under section 57(111) for assessment years 2001-02 and 2002-03. The Hon'ble Bombay High Court remanded the issue for fresh consideration, distinguishing the case from previous judgments. Following relevant case laws, the Tribunal allowed the claim of the Assessee, stating that interest paid on borrowings for share purchase was deductible under the Income Tax Act. Consequently, the disallowance of interest sustained by the CIT(A) was deleted for both assessment years, ruling in favor of the assessee. Case-Laws Income Tax Wed, 04 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187486