https://www.taxtmi.com/caselaws?id=5675 The Supreme Court upheld the Delhi High Court's decision in a case concerning the deduction of interest paid on borrowed funds for investment in shares under section 80K of the Income-tax Act, 1961. The Court emphasized that interest on borrowed capital should be deducted before applying section 80K, as per section 57(iii). The judgment clarified the computation of income for deduction purposes, resulting in the exclusion of the entire dividend income from the assessee's total income. The Tribunal's decision to allow the disallowed interest amount was affirmed, and the appeal by the Revenue was dismissed with no costs. en-us Wed, 26 Feb 1997 00:00:00 +0530 Thu, 27 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5675 The Supreme Court upheld the Delhi High Court's decision in a case concerning the deduction of interest paid on borrowed funds for investment in shares under section 80K of the Income-tax Act, 1961. The Court emphasized that interest on borrowed capital should be deducted before applying section 80K, as per section 57(iii). The judgment clarified the computation of income for deduction purposes, resulting in the exclusion of the entire dividend income from the assessee's total income. The Tribunal's decision to allow the disallowed interest amount was affirmed, and the appeal by the Revenue was dismissed with no costs. Case-Laws Income Tax Wed, 26 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5675