https://www.taxtmi.com/caselaws?id=459862 The Telangana HC upheld the Tribunal's decision allowing deduction of broken period interest paid on purchase of securities held as stock-in-trade under Section 37. The court relied on CBDT Circular No. 665 dated 05.10.1993, which clarified that Vijaya Bank Ltd. principles don't apply when banks hold securities as stock-in-trade rather than investments. The Revenue accepted that the assessee held securities as stock-in-trade, making the interest payment an allowable deduction. The HC declined to disturb this factual finding in the Section 260A appeal, ruling in favor of the assessee. en-us Wed, 04 Jan 2023 00:00:00 +0530 Mon, 20 Jan 2025 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459862 The Telangana HC upheld the Tribunal's decision allowing deduction of broken period interest paid on purchase of securities held as stock-in-trade under Section 37. The court relied on CBDT Circular No. 665 dated 05.10.1993, which clarified that Vijaya Bank Ltd. principles don't apply when banks hold securities as stock-in-trade rather than investments. The Revenue accepted that the assessee held securities as stock-in-trade, making the interest payment an allowable deduction. The HC declined to disturb this factual finding in the Section 260A appeal, ruling in favor of the assessee. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459862