https://www.taxtmi.com/caselaws?id=434556 The tribunal dismissed both grounds raised by the Revenue. It held that the interest on borrowed funds for purchasing land was deductible under Section 36(1)(iii) as it was for business purposes. Additionally, it determined that interest paid on borrowings for acquiring shares could be capitalized as part of the cost of acquisition, thus deductible against Short Term Capital Gains. Both appeals filed by the Revenue for the assessment years 2014-15 and 2015-16 were dismissed, affirming the Commissioner of Income Tax (Appeals)'s order. en-us Fri, 24 Feb 2023 00:00:00 +0530 Sat, 25 Feb 2023 21:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434556 The tribunal dismissed both grounds raised by the Revenue. It held that the interest on borrowed funds for purchasing land was deductible under Section 36(1)(iii) as it was for business purposes. Additionally, it determined that interest paid on borrowings for acquiring shares could be capitalized as part of the cost of acquisition, thus deductible against Short Term Capital Gains. Both appeals filed by the Revenue for the assessment years 2014-15 and 2015-16 were dismissed, affirming the Commissioner of Income Tax (Appeals)'s order. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434556