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2001 (12) TMI 6 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the claim on account of interest was allowable?" - Tribunal has found that the source of income, viz., shares stood transferred and hence the purpose for which the borrowing had been made, stood frustrated. In fact the expenditure had not been incurred for preserving and maintaining the source of income nor was it a case where the assessee had no option except to incur the expenditure, but on the contrary, the assessee had the option, viz., it was not necessary for the assessee to transfer the shares for claiming the deduction and yet the assessee exercised the option the other way by transferring shares which had no connection with the making or earning of the income. - we do not find any infirmity with the order of the Tribunal and the Tribunal was right in holding that the assessee's claim on account of interest was not allowable.
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