Deduction for interest on Loan fund utilised in share purchases allowable only if the Shares are held as stock-in-trade and not as investment: HC

CIT Vs. Leena Ramachandran (Kerala High Court):- I-T- Sec 14A – assessee can claim deduction of interest paid on borrowed funds utilised for acquisition of shares only if shares are held as stock-in-trade and not investment. Full Text of the Case law is as follows:- IN THE HIGH COURT OF KERALA AT ERNAKULAM ITA. No. 1784 of 2009 THE COMMISSIONER OF INCOME TAX Vs SMT.LEENA RAMACHANDRAN, M/S.HOMFIT Dated :14/06/2010 O R D E R C.R. C.N.RAMACHANDRAN NAIR & P. S.GOPINATHAN, JJ. I.T. Appeal No.1784 of 2009 Dated this the 14th day of June, 2010. JUDGEMENT Ramachandran Nair,...