https://www.taxtmi.com/caselaws?id=10156 The court affirmed the Income-tax Appellate Tribunal's decision, allowing the deduction of interest paid on borrowed funds under section 57(iii) of the Income-tax Act, 1961 for investments in shares, even if dividends were not received. The court emphasized that the expenditure must be for the purpose of earning income, not contingent on actual income earned, citing precedent. The judgment clarified that deductions under section 57(iii) are permissible as long as the expenditure was made with the intention of earning income, regardless of the actual income generated. en-us Thu, 15 Jul 2004 00:00:00 +0530 Thu, 09 Jul 2009 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10156 The court affirmed the Income-tax Appellate Tribunal's decision, allowing the deduction of interest paid on borrowed funds under section 57(iii) of the Income-tax Act, 1961 for investments in shares, even if dividends were not received. The court emphasized that the expenditure must be for the purpose of earning income, not contingent on actual income earned, citing precedent. The judgment clarified that deductions under section 57(iii) are permissible as long as the expenditure was made with the intention of earning income, regardless of the actual income generated. Case-Laws Income Tax Thu, 15 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10156