https://www.taxtmi.com/caselaws?id=23482 The High Court held that the deduction claimed by the non-resident company was not allowable under section 58(1)(a)(ii) of the Income-tax Act, 1961. The court determined that the borrowed money, used for investing in shares, was brought into India in kind (machinery) as per the arrangement with the Swiss Bank Corporation. Consequently, the interest paid on the borrowed funds was not deductible. The court ruled in favor of the tax authorities, disallowing the interest deduction claimed by the assessee. en-us Thu, 30 Nov 1989 00:00:00 +0530 Sat, 19 Dec 2009 15:40:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23482 The High Court held that the deduction claimed by the non-resident company was not allowable under section 58(1)(a)(ii) of the Income-tax Act, 1961. The court determined that the borrowed money, used for investing in shares, was brought into India in kind (machinery) as per the arrangement with the Swiss Bank Corporation. Consequently, the interest paid on the borrowed funds was not deductible. The court ruled in favor of the tax authorities, disallowing the interest deduction claimed by the assessee. Case-Laws Income Tax Thu, 30 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23482