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2015 (6) TMI 207 - AT - Income TaxDisallowance of interest expenditure under section 57(iii) - Held that:- In view of the facts in issue as well as the following judgment of “CIT vs. Rajendra Prasad Moody” (1978 (10) TMI 133 - SUPREME Court), the judgment of “CIT vs. Darashaw & Co. Pvt. Ltd.” (2014 (5) TMI 940 - BOMBAY HIGH COURT) and “CIT vs. M. Ethurayan” (2004 (7) TMI 39 - MADRAS High Court ), we find that the interest expenditure on the borrowed amount used for the purpose of investment in the shares is an allowable deduction under section 57(iii). Decided in favour of assessee.
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