https://www.taxtmi.com/caselaws?id=398374 The High Court ruled against the revenue and in favor of the assessee in a case concerning broken period interest paid in relation to the cost of securities purchased. The Court held that the broken period interest should not be added to the cost of securities and should be treated as a capital outlay. The judgment emphasized that the broken period interest income is considered business income under the Income Tax Act, supporting the assessee's position and dismissing the revenue's appeals. en-us Tue, 08 Sep 2020 00:00:00 +0530 Tue, 17 Nov 2020 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398374 The High Court ruled against the revenue and in favor of the assessee in a case concerning broken period interest paid in relation to the cost of securities purchased. The Court held that the broken period interest should not be added to the cost of securities and should be treated as a capital outlay. The judgment emphasized that the broken period interest income is considered business income under the Income Tax Act, supporting the assessee's position and dismissing the revenue's appeals. Case-Laws Income Tax Tue, 08 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398374