https://www.taxtmi.com/caselaws?id=282301 The Tribunal held that interest on borrowings for shares held as stock in trade is deductible under section 36(1)(iii) while computing business income, not against dividend income under section 57(iii). The Tribunal rejected the revenue's argument to adjust interest against dividend income, citing relevant court decisions. It distinguished cases where apportionment of interest was allowed and upheld the Commissioner of Income-tax (Appeals) decision to allow the entire interest amount as a deduction under section 80M. The revenue's appeal was dismissed, ruling in favor of the assessee. en-us Fri, 26 Feb 1999 00:00:00 +0530 Thu, 01 Aug 2019 14:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282301 The Tribunal held that interest on borrowings for shares held as stock in trade is deductible under section 36(1)(iii) while computing business income, not against dividend income under section 57(iii). The Tribunal rejected the revenue's argument to adjust interest against dividend income, citing relevant court decisions. It distinguished cases where apportionment of interest was allowed and upheld the Commissioner of Income-tax (Appeals) decision to allow the entire interest amount as a deduction under section 80M. The revenue's appeal was dismissed, ruling in favor of the assessee. Case-Laws Income Tax Fri, 26 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282301