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

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