https://www.taxtmi.com/caselaws?id=7313 Interest on money borrowed to acquire shares was treated as deductible where the borrowing was laid out solely for the purpose of earning income, even though no dividend was actually received, because the statutory test focused on the purpose of the expenditure rather than the realised return. A reference on a second question could not be made without a duly filed application by the assessee under the prescribed statutory conditions, as compliance with the form, limitation, and other requirements was mandatory. The commentary therefore explains that deductibility may depend on the income-earning purpose of the investment, while reference competence depends on strict procedural compliance. en-us Thu, 07 Dec 1967 00:00:00 +0530 Tue, 17 Feb 2009 20:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7313 Interest on money borrowed to acquire shares was treated as deductible where the borrowing was laid out solely for the purpose of earning income, even though no dividend was actually received, because the statutory test focused on the purpose of the expenditure rather than the realised return. A reference on a second question could not be made without a duly filed application by the assessee under the prescribed statutory conditions, as compliance with the form, limitation, and other requirements was mandatory. The commentary therefore explains that deductibility may depend on the income-earning purpose of the investment, while reference competence depends on strict procedural compliance. Case-Laws Income Tax Thu, 07 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7313