Interest on Borrowed Capital ::

Last updated: 26 September 2007

Court :
Tribunal

Brief :
Held that interest paid by the investment company on funds borrowed for purchase of shares, irrespective of the fact whether such shares were to be held as stock in trade or investment or for acquiring controlling interest in other companies, was deductible u/s 36(1)(iii).

Citation :
Srishti Securities (P). Ltd. Vs. Jt. CIT

Interest on Borrowed Capital Srishti Securities (P). Ltd. Vs. Jt. CIT 4/1/2005 IT Appeal No. 3761 (MUM.) of 2000 Case Fact: Whether interest paid by an investment co.on funds borrowed for purchase of shares was deductible u/s 36(1)(iii). Decision: Held that interest paid by the investment company on funds borrowed for purchase of shares, irrespective of the fact whether such shares were to be held as stock in trade or investment or for acquiring controlling interest in other companies, was deductible u/s 36(1)(iii).

CA.Saibaburao Nanduri

Published in Income Tax
Views : 39

Share Report Abuse

Comments

Interest on Borrowed Capital ::

CA.Saibaburao Nanduri

Trending Online Classes

Meet our CAclubindia PRO Members

Browse by Category

Latest Job Openings

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

Senior Executive

GST CONSULTANT

CA Final

Interest on Borrowed Capital ::

Other Latest Judgments

Browse by Category