https://www.taxtmi.com/caselaws?id=26701 Interest on borrowings used to acquire shares standing in the names of an assessee's wife and minor child was held deductible where the resulting dividend income was clubbed into the assessee's total income under section 64. The Court treated the includible dividend as income assessable under the head "Income from other sources" and applied the principle that expenditure incurred wholly and exclusively to earn that income is allowable under section 57(iii). The deduction was accepted to the extent the income was includible under the clubbing provision, and the reference on the wife's share income was also covered against the Revenue by prior binding precedent. en-us Wed, 11 Sep 1985 00:00:00 +0530 Sat, 06 Feb 2010 18:32:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26701 Interest on borrowings used to acquire shares standing in the names of an assessee's wife and minor child was held deductible where the resulting dividend income was clubbed into the assessee's total income under section 64. The Court treated the includible dividend as income assessable under the head "Income from other sources" and applied the principle that expenditure incurred wholly and exclusively to earn that income is allowable under section 57(iii). The deduction was accepted to the extent the income was includible under the clubbing provision, and the reference on the wife's share income was also covered against the Revenue by prior binding precedent. Case-Laws Income Tax Wed, 11 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26701