https://www.taxtmi.com/caselaws?id=59892 The Tribunal allowed the appeal, overturning the decisions of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) (CIT(A)), and directed the AO to permit the interest deduction under section 57(iii) of the Income-tax Act. The Tribunal found that the borrowed money was used to purchase shares, making the interest deductible against dividend income or as a loss under "Other sources." It emphasized the inconsistency of the AO and CIT(A) with the department's past practice and upheld legal principles established in relevant case law, particularly CIT v. Rajendra Prasad Moody. en-us Thu, 26 Oct 1995 00:00:00 +0530 Sat, 01 Jan 2011 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59892 The Tribunal allowed the appeal, overturning the decisions of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) (CIT(A)), and directed the AO to permit the interest deduction under section 57(iii) of the Income-tax Act. The Tribunal found that the borrowed money was used to purchase shares, making the interest deductible against dividend income or as a loss under "Other sources." It emphasized the inconsistency of the AO and CIT(A) with the department's past practice and upheld legal principles established in relevant case law, particularly CIT v. Rajendra Prasad Moody. Case-Laws Income Tax Thu, 26 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59892