https://www.taxtmi.com/caselaws?id=25936 The High Court of Calcutta ruled in favor of the assessee, allowing the deduction of interest paid on borrowed money for purchasing securities under section 19(ii) of the Income-tax Act, 1961. The court held that the deduction of interest should not be dependent on the actual earning of income from securities in a particular year. The court emphasized that the purpose of purchasing the securities, whether for investment or other reasons, should be determined based on factual analysis by the Tribunal. The decision was unanimous, with no costs awarded. en-us Mon, 12 Nov 1984 00:00:00 +0530 Mon, 01 Feb 2010 17:31:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25936 The High Court of Calcutta ruled in favor of the assessee, allowing the deduction of interest paid on borrowed money for purchasing securities under section 19(ii) of the Income-tax Act, 1961. The court held that the deduction of interest should not be dependent on the actual earning of income from securities in a particular year. The court emphasized that the purpose of purchasing the securities, whether for investment or other reasons, should be determined based on factual analysis by the Tribunal. The decision was unanimous, with no costs awarded. Case-Laws Income Tax Mon, 12 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25936