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2005 (9) TMI 53 - HC - Income Tax"(1) Whether Tribunal was right in law in holding that where the assessee is a dealer in shares and holds certain shares as stock-in-trade, the interest paid by the assessee on the funds borrowed for the purpose of investment in such shares is to be allowed as admissible deduction under section 36(1)(iii) and not u/s 57(1)(iii)? (2) Whether, Tribunal was right in holding that where the assessee is a dealer in shares and holds certain shares as stock-in-trade, the interest paid by the assessee on the funds borrowed for the purpose of investment in such shares is not to be reduced from the gross dividend while granting relief u/s 80M?" - We answer both questions referred to us in the negative, i.e., in favour of the Revenue and against the assessee
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