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2013 (1) TMI 852 - AT - Income TaxDisallowance of interest paid on borrowed money for the purpose of acquiring shares - Held that:- The main purpose of making investment was to purchase shares to earn dividend - Acquisition of shares may carry the acquisition of controlling interest, which is purely a commercial - since dividend income is taxable during the year Therefore the interest paid is allowable as deduction u/s57(iii) - Decided in favor of assessee
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