https://www.taxtmi.com/caselaws?id=29553 The High Court ruled in favor of the assessee, allowing the deduction of interest paid on capital borrowed for investment in a firm, even though no share income was received from the firm in the corresponding previous year. The Court emphasized that deductions for expenses incurred to acquire a source of income should not be restricted based on the actual receipt of income, particularly in cases of delayed income generation. The judgment upheld the right to claim the deduction, highlighting the principle that expenses for income acquisition should be allowed regardless of income timing. en-us Wed, 22 Apr 1981 00:00:00 +0530 Sat, 13 Mar 2010 16:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29553 The High Court ruled in favor of the assessee, allowing the deduction of interest paid on capital borrowed for investment in a firm, even though no share income was received from the firm in the corresponding previous year. The Court emphasized that deductions for expenses incurred to acquire a source of income should not be restricted based on the actual receipt of income, particularly in cases of delayed income generation. The judgment upheld the right to claim the deduction, highlighting the principle that expenses for income acquisition should be allowed regardless of income timing. Case-Laws Income Tax Wed, 22 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29553