https://www.taxtmi.com/caselaws?id=451286 ITAT Visakhapatnam allowed the assessee's appeal regarding deduction of interest expenditure under section 57. The tribunal held that interest incurred on borrowed funds utilized for investment in shares of a Singapore company was allowable as deduction. The tribunal ruled that section 57(iii) should be given natural meaning without narrow interpretation, and deduction eligibility is not conditional upon actual earning of income but on purpose of earning future income. Since investment was made for income-earning purpose and revenue authorities failed to prove otherwise, the deduction was permitted. en-us Thu, 21 Mar 2024 00:00:00 +0530 Sat, 23 Mar 2024 08:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451286 ITAT Visakhapatnam allowed the assessee's appeal regarding deduction of interest expenditure under section 57. The tribunal held that interest incurred on borrowed funds utilized for investment in shares of a Singapore company was allowable as deduction. The tribunal ruled that section 57(iii) should be given natural meaning without narrow interpretation, and deduction eligibility is not conditional upon actual earning of income but on purpose of earning future income. Since investment was made for income-earning purpose and revenue authorities failed to prove otherwise, the deduction was permitted. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451286