https://www.taxtmi.com/caselaws?id=283149 Interest paid to Mercantile Credit Corporation was claimed as deductible expenditure under section 57(iii) on the basis that it was incurred for earning income, even though the shares were not allotted and no income had yet arisen. The Court treated the referred questions as covered by an earlier decision relied on by the Revenue and answered the reference accordingly, holding the issue in favour of the assessee and against the Revenue. en-us Wed, 07 Aug 2002 00:00:00 +0530 Tue, 10 Sep 2019 11:29:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283149 Interest paid to Mercantile Credit Corporation was claimed as deductible expenditure under section 57(iii) on the basis that it was incurred for earning income, even though the shares were not allotted and no income had yet arisen. The Court treated the referred questions as covered by an earlier decision relied on by the Revenue and answered the reference accordingly, holding the issue in favour of the assessee and against the Revenue. Case-Laws Income Tax Wed, 07 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283149