https://www.taxtmi.com/caselaws?id=432926 The Court held that interest paid by the assessee on the purchase of securities constituting stock-in-trade for the broken period is allowable as a deduction. The Tribunal's decision was upheld, concluding that the assessee, a banking company, had purchased securities to hold them as stock-in-trade, making the interest paid for the broken period deductible. The Court distinguished the Supreme Court's decision in *Vijaya Bank Ltd.* and relied on the CBDT's clarification and precedents like *Commissioner of Income Tax v. Nedungadi Bank Ltd.* The appeal by the Revenue was dismissed, and the Tribunal's decision in favor of the respondent assessee was affirmed. en-us Wed, 04 Jan 2023 00:00:00 +0530 Mon, 14 Aug 2023 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432926 The Court held that interest paid by the assessee on the purchase of securities constituting stock-in-trade for the broken period is allowable as a deduction. The Tribunal's decision was upheld, concluding that the assessee, a banking company, had purchased securities to hold them as stock-in-trade, making the interest paid for the broken period deductible. The Court distinguished the Supreme Court's decision in *Vijaya Bank Ltd.* and relied on the CBDT's clarification and precedents like *Commissioner of Income Tax v. Nedungadi Bank Ltd.* The appeal by the Revenue was dismissed, and the Tribunal's decision in favor of the respondent assessee was affirmed. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432926