https://www.taxtmi.com/caselaws?id=30642 The High Court held that deductions under section 32AB of the Income-tax Act are not applicable to investments made from borrowed funds. The Court emphasized that the provision requires investments to be made from income chargeable to tax under the head "Profits and gains of business or profession." Allowing deductions for investments from borrowed funds would distort income determination for the current year. The Court ruled in favor of the Revenue, stating that investments made from borrowed funds do not qualify for a deduction under section 32AB. en-us Wed, 20 Sep 2006 00:00:00 +0530 Thu, 11 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30642 The High Court held that deductions under section 32AB of the Income-tax Act are not applicable to investments made from borrowed funds. The Court emphasized that the provision requires investments to be made from income chargeable to tax under the head "Profits and gains of business or profession." Allowing deductions for investments from borrowed funds would distort income determination for the current year. The Court ruled in favor of the Revenue, stating that investments made from borrowed funds do not qualify for a deduction under section 32AB. Case-Laws Income Tax Wed, 20 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30642