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2009 (6) TMI 331 - HC - Income TaxInterest on capital borrowed for investment in shares - Deduction is claimed by him of the interest amount paid on the borrowed loans. The amounts borrowed by the appellant were invested in shares and dividend is earned - that dividend income is exempted under section 10(33) of the Act from the tax liability and the same cannot be computed for income under the head “Other sources”. Exempted income is not allowable for deduction in view of section 14A of the Act. In view of these two provisions, the claim of the assessee is wholly untenable
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