https://www.taxtmi.com/caselaws?id=9750 The High Court held that interest paid on borrowings for purchasing shares held as stock-in-trade should not be deducted from dividend income for the purpose of granting deduction under section 80M. It emphasized that expenses related to trading in shares should not be deducted twice and that section 80M deduction should be based on gross dividend income. The Court ruled in favor of the assessee, upholding the Tribunal's decision and stating that deductions under section 80M should be calculated based on net dividend income after deducting interest on borrowed funds. en-us Fri, 30 Sep 2005 00:00:00 +0530 Tue, 30 Jun 2009 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9750 The High Court held that interest paid on borrowings for purchasing shares held as stock-in-trade should not be deducted from dividend income for the purpose of granting deduction under section 80M. It emphasized that expenses related to trading in shares should not be deducted twice and that section 80M deduction should be based on gross dividend income. The Court ruled in favor of the assessee, upholding the Tribunal's decision and stating that deductions under section 80M should be calculated based on net dividend income after deducting interest on borrowed funds. Case-Laws Income Tax Fri, 30 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9750