https://www.taxtmi.com/caselaws?id=37067 The High Court upheld the Tribunal's decision, allowing the deduction of interest paid on borrowed amounts for purchasing shares against income from other sources under section 57 of the Income Tax Act, 1961. The court determined that the shares were acquired for investment purposes to earn dividend income, distinguishing between motive and purpose. Despite the ultimate motive to acquire control of a company, the immediate purpose was dividend income, justifying the deduction of interest. The decision favored the assessee, with no order as to costs. en-us Wed, 18 Jan 1978 00:00:00 +0530 Fri, 26 Mar 2010 12:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37067 The High Court upheld the Tribunal's decision, allowing the deduction of interest paid on borrowed amounts for purchasing shares against income from other sources under section 57 of the Income Tax Act, 1961. The court determined that the shares were acquired for investment purposes to earn dividend income, distinguishing between motive and purpose. Despite the ultimate motive to acquire control of a company, the immediate purpose was dividend income, justifying the deduction of interest. The decision favored the assessee, with no order as to costs. Case-Laws Income Tax Wed, 18 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37067