Court Examines Deductibility of Interest on Borrowed Capital for Share Purchases Under Income Tax Act Sections 36(1)(iii), 57(iii.

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....Deduction u/s 36(1)(iii) or 57(iii) - interest paid by the assessee on borrowed capital to the extent it was utilised for purchasing shares - The Tribunal was not justified in holding that the purpose of the assessee for purchase of shares of IHFC was not for the purpose of business of the assessee as the business of the assessee was only sale and purchase of land. - HC....