https://www.taxtmi.com/caselaws?id=34251 The High Court upheld the decisions of the ITAT and CIT(A) regarding the disallowance of loss in share transactions and deduction of interest. It found the share transactions to be genuine, supported by market value evidence and broker involvement. The Court criticized the Assessing Officer's selective approach and reliance on limited records. Regarding the interest deduction, the Court noted the absence of a nexus between the interest-free advances and the bank loan, allowing for the deduction under Section 36(1)(iii) of the Income Tax Act. Ultimately, the appeal was dismissed as no substantial question of law was found. en-us Fri, 24 Jul 2009 00:00:00 +0530 Mon, 16 Aug 2010 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34251 The High Court upheld the decisions of the ITAT and CIT(A) regarding the disallowance of loss in share transactions and deduction of interest. It found the share transactions to be genuine, supported by market value evidence and broker involvement. The Court criticized the Assessing Officer's selective approach and reliance on limited records. Regarding the interest deduction, the Court noted the absence of a nexus between the interest-free advances and the bank loan, allowing for the deduction under Section 36(1)(iii) of the Income Tax Act. Ultimately, the appeal was dismissed as no substantial question of law was found. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34251