https://www.taxtmi.com/caselaws?id=19915 The High Court upheld the Tribunal's decision, ruling in favor of the assessee regarding the deductibility of interest paid for borrowings in business activities. The Court rejected the Revenue's argument to allocate interest expenses between business and dividend income, emphasizing that interest for business purposes should be fully deductible. The Tribunal's findings, supported by legal precedents, concluded that the investment in shares was primarily for business purposes, making dividend income incidental. The judgment highlighted that expenses incurred for earning income should be treated as business expenditure, irrespective of income classification. en-us Thu, 25 Jul 1991 00:00:00 +0530 Tue, 10 Nov 2009 16:13:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19915 The High Court upheld the Tribunal's decision, ruling in favor of the assessee regarding the deductibility of interest paid for borrowings in business activities. The Court rejected the Revenue's argument to allocate interest expenses between business and dividend income, emphasizing that interest for business purposes should be fully deductible. The Tribunal's findings, supported by legal precedents, concluded that the investment in shares was primarily for business purposes, making dividend income incidental. The judgment highlighted that expenses incurred for earning income should be treated as business expenditure, irrespective of income classification. Case-Laws Income Tax Thu, 25 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19915